Gator Enterprises is doing its annual review of its cost of capital. The firm relies on the CAPM to estimate its cost of equity. The firm estimates its equity beta is 1.1, and todays yield on long-term U.S. Treasury bonds is 5%. The firms CFO estimates the equity risk premium (same as market risk premium) to be 4.4%. Estimate the firms cost of equity capital. Answer in decimal form to four decimal places.