$29.($Cost of equity$)$ Brille Corporation is issuing new common stock at a market price of $$35.$ Dividends last year were $$1\mathrm{.}40$ and are expected to grow at an annual rate of $9$ percent forever. Flotation costs will be $8$ percent of market price. What is Brille's cost of equity?

Brille's cost of external common equity is

$\%.($Round to two decimal places.$)$