When you interviewed for an entry level corporate finance position, the CFO gave you this: "The 7-year US Treasury note has a yield of 3.1%. Our current stock price is $79.15, and our beta has hovered at about 1.5 for a year or two. The market risk premium is 5.1. The coupon rate on our only corporate bond issue is locked in at 5.9%. What should our required return on common equity be?" Enter your response as a regular percentage rate, rounded to the nearest first decimal. Do not enter dollar signs, percent signs, or commas. For example, if you calculated the decimal 0.0489, you would enter for your answer, 4.9. Or if you calculated 12.56%, you would enter 12.6.