Top hedge fund manager Sally Buffit believes that a stock with the same market risk as the S&P $500$ will sell at year$-$end at a price of $$48.$ The stock will pay a dividend at year$-$end of $$4\mathrm{.}00.$ Assume that risk$-$free Treasury securities currently offer an interest rate of $2\mathrm{.}2\%.$

Average rates of return on Treasury bills, government bonds, and common stocks, $19002020($figures in percent per year$)$ are as follows.

Portfolio Average Annual Rate of Return $(\%)$ Average Premium $($Extra return versus Treasury bills$)(\%)$

Treasury bills $3\mathrm{.}7$

Treasury bonds $5\mathrm{.}41\mathrm{.}7$

Common stocks $11\mathrm{.}57\mathrm{.}7$

What is the discount rate on the stock?

Note: Enter your answer as a percent rounded to $2$ decimal places.

What price should she be willing to pay for the stock today?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.