Easy Car Corp. is a grocery store located in the Southwest. It paid an annual dividend of $10.00 last year to its shareholders and plans to increase the dividend annually at the rate of 4.0%. It currently has 5,000,000 common shares outstanding. The shares currently sell for $61 each. Easy Car's common stock has a beta of 1.1 The expected market return is 10% and the risk free rate is 4%. The corporate tax rate is 40%. What is the best estimate of the cost of equity to use in the computation of the WACC for Easy Car Corp.? When answering this problem enter your answer with the % and use two decimals (rounding)