Boltzmann Energy has a beta of 1.18, a variance of 0.0211, a dividend growth rate of 3.6 percent, a stock price of $32 a share, and an expected annual dividend of $1.28 per share next year. The market rate of return is 11.9 percent and the risk-free rate is 4.0 percent. What is the cost of equity (in percents) for Boltzmann Energy? Answer Tolerance: 0.125