Carribean Style Industries wants to caculate the cost of funding their company. Their stock currently trades at $59 per share. They have other information that they think will help them understand the cost of this equity. The most recent dividend was $3.70 per share, and dividends are expected to grow at an annual rate of 5.3% indefinitely. What is the cost of equity? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 12.34.) Cost of equity %