The next dividend payment by JM$,$ Incorporated, will be $$2\mathrm{.}90$ per share. The dividends are anticipated to maintain a growth rate of $4\mathrm{.}75$ percent forever. If the stock currently sells for $$49\mathrm{.}40$ per share,

What is the required return?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$