A company hired you as a consultant to help estimate its cost of capital. You have obtained the following data: D₀ = $0.72; P₀ = $32.52; and g = 5.95% (constant). What is the cost of equity from retained earnings? Do not round your intermediate calculations. Express your answer as a percent rounded to two decimal places. (For example, 4.567% should be entered as 4.57)