A stock sells for $

$20$

$.$

$$The next dividend will be $

$3$

$$per share. If the rate of return earned on reinvested funds is a constant

$12$

$\%$

$$and the company reinvests a constant

$50$

$\%$

$$of earnings in the firm, what must be the discount rate?

Note: Do not round your intermediate calculations. Enter your answer as a whole percent.