As the assistant to the CFO of Johnstone Inc., you must estimate its cost of common equity. The company's common stock is currently selling in the market for $45.87 per share. It offered dividends at the end of last year of $2.17 per share, which is expected to grow at a constant rate of 5.98% for the forseeable future. Based on the DCF approach, what is the cost of common from reinvested earnings? Submit your answer as a percentage and round to two decimal places (Ex. 0.00\%)