30. Glassen Corporation is estimating its WACC. Its target capital structure is 25 percent debt, 9 percent preferred stock, and 69 percent common equity. Its bonds have an 8% coupon, paid semiannually, a current maturity of 20 years, and sell for $1543.61. The firm could sell, at par, $100 preferred stock which pays a 9 percent annual dividend, but flotation costs of 6 percent would be incurred. Glassen's beta is 2.0, the risk-free rate is 4 percent, and the market risk premium is 6 percent. The firm's marginal tax rate is 30 percent.

What is the company's cost of common equity? Please do not round numbers in intermediate steps. Write your final answer in decimals, rounded to 4 decimal places. For example, if your answer is 4.35%, write 0.0435. Don't use percentages.