Caspian Sea has a beta of 1.11. The market risk premium is 6.18 percent, and T-bills are currently yielding 3.9 percent. The most recent dividend was $3.59 per share, and dividends are expected to grow at an annual rate of 3.83 percent, indefinitely. The company's cost of equity is . Answer to two decimals. e.g. 0.1234