Your company had net income of $110,000 for the year just ended. Dividends of $62,750 were paid on the company's beginning equity of $1,210,000. If the company has 84,000 common shares outstanding with a current market price of $10.25 per share, what is the required rate of return on the shares assuming a constant sustainable growth rate of dividends? 11.19% 11.48% 11.76% 12.05% 12.34%