Empire Electric Company (EEC) uses only debt and common equity. It can borrow unlimited amounts at an interest rate of rd = 10.1% as long as it finances at its target capital structure which calls for 46% and the rest in common equity. Its last dividend (D0) was $2.48 its expected constant future growth rate is 5.3%, and its common stock sells for $23.13. EEC's tax rate is 36%. What is EEC's cost of internal common equity? State your answer as a percentage to 2 decimal places. Omit the % symbol