Problem $10-16$ Required Return $($LG$10-7)$

Universal Forest's current stock price is $$69\mathrm{.}00$ and it is likely to pay a $$0\mathrm{.}68$ dividend next year. Since analysts estimate Universal Forest will have a growth rate of $10\mathrm{.}6$ percent, what is its required return? $($Round your answer to $2$ decimal places.$)$

Required return