A company's stock currently sells for $75 per share and has a beta of 1.4. The company recently paid a dividend of $6. Future dividends are expected to grow at 2% per year and the expected return on the market is 6.25%. What is this company's cost of equity capital?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.