You've collected the following information from a financial web site. 52-Week Price Div PE Close Net Hi Lo Stock (Div) Yld % Ratio Price Chg 77.40 10.43 Palm Coal 0.36 2.6 6 13.90 -0.24 Lake Lead Grp 56.56 34.17 5.6 10 41.18 -0.01 2.29 130.93 69.50 SIR 2.00 2.2 10 88.97 3.07 According to your research, the growth rate in dividends for Palm Coal for the previous 10 years has been 3.16 percent. If investors feel this growth rate will continue, what is the required return for Palm Coal stock? (Do not include the percent sign (%). Round your answer to 2 decimal places (e.g., 32.16).)