Question: The next dividend payment by 1m, Incorporated, will be $3.25 per share. The dividends are anticipated to maintain a growth rate of 3.00 percent forever.

The next dividend payment by 1m, Incorporated, will be $3.25 per share. The dividends are anticipated to maintain a growth rate of 3.00 percent forever. If the stock currently sells for $50.10 per share, what is the required return? Note: Do not round intermedlate calculations and round your answer to 2 decimal places, e.g., 32.16

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