$($Cost of common equity$)$ Falon Corporation is issuing new common stock at a market price of $$27\mathrm{.}59.$ Dividends last year were $$1\mathrm{.}24$ and are expected to grow at an annual rate of $7\mathrm{.}5$ percent forever. What is Falon's cost of common equity capital?

The company's cost of common equity is

$\%.($Round to two decimal places.$)$