Suppose that two factors have been identified for the U.S. economy: the growth rate of industrial production, IP, and the inflation rate, IR. IP is expected to be 4%, and IR 3.5%. A stock with a beta of 1.5 on IP and 1.0 on IR currently is expected to provide a rate of return of 12%. If industrial production actually grows by 6%, while the inflation rate turns out to be 4.5%, 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.)