GHI Company's current share price is $$18\mathrm{.}2$ and it is expected to pay a $$1\mathrm{.}5$ dividend per share next year. After that, the firm's dividends are expected to grow at a rate of $3\mathrm{.}2\%$ per year.

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