The Bovespa (Brazilian Equity Index) is at 15,000. The dividends on the Index last year were 5% of the Index value. Analysts expect them to grow at 15% a year in real terms for next 5 years. After the 5th year, the growth is expected to drop to 5% in real terms in perpetuity. The risk-less rate is 6%. Estimate the implied equity risk premium in this market.