The constant$-$growth dividend discount model can be used both for the valuation of companies and for the estimation of the long$-$term total return of a stock.

Assume: $$10=$ Price of a Stock Today

$9\%=$ Expected Growth Rate of Dividends

$$0\mathrm{.}82=$ Annual Dividend One Year Forward

Using only the preceding data, compute the expected long$-$term total return on the stock using the constant$-$growth dividend discount model. Do not round intermediate calculations. Round your answer to two

decimal places.