Required: Jand, Incorporated, currently pays a dividend of \\( \\$ 1.22 \\), which is expected...

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image Required: Jand, Incorporated, currently pays a dividend of \\( \\$ 1.22 \\), which is expected to grow Indefinitely at \5. If the current value of Jand's shares based on the constant-growth dividend discount model is \\( \\$ 32.03 \\), what is the required rate of return? (Do not round Intermedlate calculations. Round your answer to 2 decimal places.)

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