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The next dividend payment by Im$,$ Incorporated, will be $$3\mathrm{.}00$ per share. The dividends are anticipated to maintain a growth rate of $4\mathrm{.}25$ percent forever. If the stock currently sells for $$49\mathrm{.}60$ per share, what is the required return?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Required return $$

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