a stocks beta is 1.37, the tax rate is 35%, and the expected market return is 10.7 per year. The companys common stock has a market value $94.28 per share and its next dividend is expected to be $6.06 per share. The yield to maturity for the companys long term debt 7.1% per year. If the riskiness of the companys equity requires that it provide a risk premium of 5.5% per year over the yield on its long term debt, what is the companys annual cost of equity financing?