Virginia Ham, Inc. is the company without any debt. The firm generates $$424$ every year in pretax cash flows and the cash flow is taxable. The appropriate discount rate is $11\mathrm{.}5$ percent Tax rate is $45$ percent.

Management is considering changing its capital structure by selling a $$633$ perpetual bond with an interest rate of $6\mathrm{.}3$ percent and paying a one$-$time special dividend of $$633.$

What is the required rate of return on company's stock after the restructuring is completed?

Assume that all conditions identified by the M&M Propositions $1$ and $2$ with taxes apply.

Round the answer to two decimals in percentage form.