Cost of Equity: Dividend Growth problem Please help Step by Step Please!

Summerdahl Resort's common stock is currently trading at $$39$ a share. The stock is expected to pay a dividend of $$3\mathrm{.}00$ a share at the end of the year $($D$1=$ $$3\mathrm{.}00),$ and the dividend is expected to grow at a constant rate of $8\%$ a year. What is the cost of common equity? Round your answer to two decimal places.

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