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GHI Company's current share price is $15.65 and it is expected to pay a $1.95 dividend per share next year. After that, the firm's dividends

GHI Company's current share price is $15.65 and it is expected to pay a $1.95 dividend per share next year. After that, the firm's dividends are expected to grow at a rate of 4.1% 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.

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