Norton's Historical dividends are shown below. Find the required rate for his stock, assuming the future dividend growth rate will remain the same and the company has an infinite horizon. Assume the January 1, 2011 price of the stock was $40.00. What was the required return for Excellence Inc.’s Stock?

Year          2005          2006        2007         2008          2009          2010

Dividend     $1 . 0 1       $1 . 07   $1 . 1 2       $1 . 3 1    $1 . 45     $2.15

What was the estimated annual required return for Norton?'s stock?