(Cost of internal equity) Pathos Co.'s common stock is currently selling for $29.62. Dividends paid last year were $1.00. Flotation costs on issuing stock will be 11 percent of market price. The dividends and earnings per share are projected to have an annual growth rate of 9 percent. What is the cost of internal common equity for Pathos?

The cost of internal common equity for Pathos is ???%.(Round to two decimal places.)