(Cost of common equity)The common stock for the Bestsold Corporation sells for $58.05 a share. Last year the firm paid a $4.08 dividend, which is expected to continue to grow 3.5 percent per year into the indefinite future. If Bestsold's tax rate is 34 percent, what is the firm's cost of common equity?

The firm's cost of common equity capital is nothing%. (Round to two decimal places.)