Find the market-implied total required return on equity of buying a $10 stock now that's expected to pay annual dividends forever, with the next $0.50 dividend to be paid in one year (t=1). The dividend is expected to grow forever at 2% per annum. Therefore the second dividend (paid at t=2) is expected to be $0.51 (=0.5*(1+0.02)^1). Assume that the stock can be accurately valued with the DDM. The stock's market-implied total required return on equity is: