A company's stock price is $13, and the company recently paid an annual dividend of $1.06 a share. The dividend growth rate is 2.90% annually and constant forever. The company's stock has a beta of 0.84. The risk free rate is 1.60% and the risk premium is 7.50%. What is the firm's cost of equity? For your answer, round to the nearest 0.1% do not use the % symbol. For example, if your obtain 0.01058, then enter 10.6; if you obtain 0.00224 then enter 0.2.