An analyst gathers the following information:

The beta coefficient for OTX Ltd is 1.55. The company has just paid a $0.71 dividend per ordinary share. The dividend is expected to grow at 7% forever. The ordinary share of the company is currently traded in the market at $9.79 per share. The risk-free rate is 4.35%. Use only relevant information and applicable method to find the cost of OTX ordinary share.

(Round the final answer to two decimal places. If your answer is 12.34%, write only 12.34; do NOT write 0.1234)