17)

You researched Turnkey Investment's financial data and gathered the following information:

Current price per share of stock = $94	Expected market portfolio return = 10.3%
Dividend per share that will be paid next year = $4.31	Risk-free interest rate = 4%
Expected annual growth of dividend per share = 6%	Stock Beta = 1.64

Calculate the company's cost of equity using the Dividend Growth Model approach. Your answer should be in percent, not in decimals: e.g., 12.34 rather than 0.1234

Answer____________________

Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places: for example, 10.23. Do NOT use "%" in your answer.