Cullumber Wok Co. is expected to pay a dividend of $2.5 one year from today on its common shares. That dividend is expected to increase by 8 percent every year thereafter. If the price of Cullumber common stock is $20.00, what is the cost of its common equity capital? (Round intermediate calculations to 2 decimal places, e.g. 0.15 and final answer to 1 decimal place, e.g. 15.2\%.)