Westsyde Tool Company is expected to pay a dividend of $1 in the upcoming year. The risk-free rate of return is 2.5%, and the expected return on the market portfolio is 17%. Analysts expect the price of Westsyde Tool Company shares to be $12 a year from now. The beta of Westsyde Tool Company's stock is 1.1. Using the CAPM, an appropriate required return on Westsyde Tool Company's stock is