Columbus Corporation is estimating its WACC. Its target capital structure is $20$ percent debt, $20$ percent preferred stock, and $60$ percent common equity. The company's beta is $1\mathrm{.}8,$ the risk$-$free rate is $4$ percent, and the market risk premium is $5$ percent. Columbus is a constant$-$growth firm which just paid a dividend of $$2\mathrm{.}00,$ sells for $$29$ per share, and has a growth rate of $7$ percent. The firm's policy is to use a risk premium of $4$ percentage points when using the bond$-$yield$-$plus$-$risk$-$premium method to find $r_s.$ The firm's marginal tax rate is $38$ percent.

What is the cost of equity when using the CAPM approach? Express your answer in percentage $($without the $\%$ sign$)$ and round it to two decimal places.