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The next dividend payment by DEF, Inc., will be $3.67 per share. The dividends are anticipated to maintain a growth rate of 4.21 percent forever.

The next dividend payment by DEF, Inc., will be $3.67 per share. The dividends are anticipated to maintain a growth rate of 4.21 percent forever. If the stock currently sells for $27.65 per share, what is the required return (in percent)? Answer to 3 decimal places. Show all work please! Thank you!

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