Cullumber Tire Co. just paid an annual dividend of $1.20 on its common shares. If Cullumber is expected to increase its annual dividend by 8.10 percent per year into the foreseeable future and the current price of Cullumbers common shares is $11.10, what is the cost of common stock for Cullumber? (Round intermediate calculations to 4 decimal places, e.g. 0.1555 and final answer to 2 decimal places, e.g. 15.25%.)

Cost of common stock

rounded to 2 decimal places

%