DEF Company's current share price is $$21\mathrm{.}55$ and it is expected to pay a $$0\mathrm{.}85$ dividend per share next year. After that, the firm's dividends are expected to

grow at a rate of $2\mathrm{.}6\%$ per year.

What is an estimate of DEF Company's cost of equity? Enter your answer as a percentage and rounded to $2$ DECIMAL PLACES. Do not include a percent

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