Question: Assume ExxonMobil's price dropped to $30 overnight. Given the dividend growth rate of ExxonMobil of 4.00% and the last annual dividend of $1.60, what is

Assume ExxonMobil's price dropped to $30 overnight. Given the dividend growth rate of ExxonMobil of 4.00% and the last annual dividend of $1.60, what is the implied required rate of return necessary to justify the new lower market price of $30?

(Round to two decimal places.)

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