Universal Forest’s current stock price is $64.00 and it is likely to pay a $0.47 dividend next year. Since analysts estimate Universal Forest will have a growth rate of 13.6 percent, what is its...

Universal Forest’s current stock price is $64.00 and it is likely to pay a $0.47 dividend next year. Since analysts estimate Universal Forest will have a growth rate of 13.6 percent, what is its required return? (Round your answer to 2 decimal places.)