A company's stock has a beta of 12 and currently sells for $75 per share. The company just paid a dividend of $4 and future dividends are expected to grow at 2% annually. Assume the risk free rate is 3.75% and the expected return on the market is 8.5% What is the 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 1539