South Inc. is projected to have earnings per share (EPS) of $4.60 next year (at t-1) and they are expected to pay a cash dividend of $2.80 at that same time. Earnings and dividends are expected to grow at 8.4% per year for the foreseeable future. The current price of South Inc. stock is $51.75 per share. What is the required rate of return for South Inc. equity or stock? [Enter your answer in percent form, but do not show a percent sign (%). For example: for 11.5%, enter 11.5]
