Cost of equity$)$ MAM just declared a dividend of $$8$ per share of common stock. The current stock price is $$54$ per share. The dividend is expected to increase at a rate of $6\%$ per year for the future. The beta of its common stock is $1\mathrm{.}1$ and the market risk premium is $9\%.$The risk$-$free rate$=5\%.$ According to the dividend growth model approach, the cost of the equity capital is $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\%.$