Question: Ecolab Incorporated ( ECL ) recently paid a $ 0 . 6 6 dividend. The annual dividend is expected to grow at a 1 2

Ecolab Incorporated (ECL) recently paid a $0.66 dividend. The annual dividend is expected to grow at a 12.04 percent rate. At a current stock price of $48.27, what return are shareholders expecting?
Note: Do not round intermediate calculations. Round your percentage answer to 2 decimal places. (e.g.,32.16)

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