mavia and siena companies are operating under the same business risk but follow different dividend policies. maive reinvests all its earnings and thus pays no dividends but siena pays dividends with an expected 8% dividend yield. mavie's earnings and stock price are expected to grow 20% per year. the income tax rate is 35% but the capital gains are tax free. on the stocks of the two companies, the expected after-tax returns are equal. what is the required before-tax rate of return on siena's stock?