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T&N Company is expected to pay a dividend of $2.20 next year and dividends are expected to grow at 3.7% per year indefinitely. The current

T&N Company is expected to pay a dividend of $2.20 next year and dividends are expected to grow at 3.7% per year indefinitely. The current stock price is $28 per share. What is the required rate of return for this stock? Enter your answer as a percentage rounded to two decimal places (e.g., 5.64%).

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