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Suppose a company just paid dividend of $6.67. The dividend is expected to grow at 4.47% each year. If the stock is currently selling for

Suppose a company just paid dividend of $6.67. The dividend is expected to grow at 4.47% each year. If the stock is currently selling for $62.51, what is the required rate of return on the stock?

Enter your answer as a percentage rounded off to two decimal points. Do not enter % in the answer box.

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