Your company had net income of $100,000 for the year just ended. Dividends of $52,750 were paid on the company's beginning equity of $1,100,000. If the company has 76,000 common shares outstanding with a current market price of $9.25 per share, what is the required rate of return on the shares assuming a constant sustainable growth rate of dividends?

	11.21%
	11.52%
	11.82%
	12.12%
	12.42%