Finding the Required Return Juggernaut Satellite Corporation earned $$32\mathrm{.}6$ million for the fiscal year ending yesterday. The firm also paid out $25$ percent of its earnings as dividends yesterday. The firm will continue to pay out $25$ percent of its earnings as annual, end$-$of$-$year dividends. The remaining $75$ percent of earnings is retained by the company for use in projects. The company has $2\mathrm{.}7$ million shares of common stock outstanding. The current stock price is $$120.$ The historical ROE of $11$ percent is expected to continue in the future. What is the required rate of return on the stock?