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Suppose Universal Forests current stock price is $69.00 and it is likely to pay a $0.68 dividend next year. Since analysts estimate Universal Forest will

Suppose Universal Forests current stock price is $69.00 and it is likely to pay a $0.68 dividend next year. Since analysts estimate Universal Forest will have a 10.6 percent growth rate, what is its required return?(Round your answer to 2 decimal places.)

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