Hank Corp.'s common stock currently sells for $55 per share. The most recent dividend (Do) was $2.29, and the expected growth rate in dividends per year is 4%. The cost of common equity, Re, is ____%. Round your final answer to 2 decimal places (example: enter 12.34 for 12.34%), but do not round any intermediate work in the process. Margin of error for correct responses: +/- .05 (%).