24. Suppose that a share of common stock of Average Industries, Inc. behaves like the stock market as a whole (i.e., it performs like the Wilshire 5000 stock index). Presently, shares of Average Industries, Inc. sell for 10 times the company's earnings and have a dividend payout ratio (i.e., dividend to earnings ratio) of 0.561. Assume further that both the dividends and the earnings are expected to grow indefinitely at an effective annual rate of 7 percent. What is the cost of capital for the common stock of Average Industries, Inc