Columbus Manufacturing's stock currently sells for $ 23.64 a share. The stock just paid a dividend of $2 a share (i.e.,D0=2). The dividend is expected to grow at a constant rate of 3 % a year. What is the required rate of return on the company's stock? Express your answer in percentage, and round it to two decimal places, i.e.,13.54, for example for 0.1354)