Your company had net income of $102,500 for the year just ended. Dividends of $55,250 were paid on the company's beginning equity of $1,127,500. If the company has 78,000 common shares outstanding with a current market price of $9.50 per share, what is the required rate of return on the shares assuming a constant sustainable growth rate of dividends? 11.66% 11.96% 12.26% 12.56% 12.86%