Aspen Fine Brewing Co. is expected to pay a dividend of $2.81 per share at the end of the year. The firm's dividends are expected to grow at a constant rate of 2.9% per year. What is the firm's cost of equity if the stock is priced at $24.58 per share? Hint, this would be a good time to have your calculator set to 4 decimals.

Enter the cost of equity to 2 decimals (xx.xx) do not include a % sign. If the cost of equity is 12.35% (your calculator is going to show you 0.1235), enter your answer as 12.35