Suppose the risk-free return is 3.8% and the market portfolio has an expected return of 7.7%, and a volatility of 15.4%. Merck & Co. stock has a 20.5% volatility and a correlation with the market of 0.045. Under the CAPM assumptions, Merck & Co. stock's expected return is ____%. (Please write percentage as a number with two decimal place, no "96" sign. e.g. write "12.3496" as "12.34")