Suppose that two factors have been identified for the Canadian economy: the growth rate of industrial production, IP$,$ and the inflation rate, IR$.$ IP is expected to be $5\%,$ and IR $7\mathrm{.}0\%.$ A stock with a beta of $2\mathrm{.}6$ on IP and $1\mathrm{.}9$ on IR currently is expected to provide a rate of return of $13\%.$ If industrial production actually grows by $7\%,$ while the inflation rate turns out to be $9\mathrm{.}0\%,$ what is your revised estimate of the expected rate of return on the stock? $($Do not round intermediate calculations. Round your answer to $1$ decimal place.$)$

Revised expected rate of return

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