A firm is expected to pay a common stock dividend of $$1\mathrm{.}51$ per share in one year, the current price of the stock is $$58\mathrm{.}45,$ and the expected growth rate of the dividends is $2\mathrm{.}3\%.$ What is the cost of the firm's common stock? $($Enter response with two decimal points $-$ in other words $11\mathrm{.}96324\%$ would be entered as $11\mathrm{.}96.)$