Storico Co. just paid a dividend of $5.50 per share. The company will increase its dividend by 16 percent next year and will then reduce its dividend growth rate by 4 percentage points per year until it reaches the industry average of 4 percent dividend growth, after which the company will keep a constant growth rate, forever. If a share of Storico stock sells for $52.01 today, the required return on Storico stock is ________.