Idea has planned to launch itself in Pakistan with multiple stores throughout the country in next 6 years. The company is planning to launch in Lahore and Islamabad in first three years and expecting a growth rate of 12%. Next it would expand itself to Karachi and Multan and expects 6% growth through 4^th to 6^th years. Then company plans to have constant earnings (0% growth) till forever. Currently company has issued dividend of $2(see table) on its shares which are trading in market at a market value of $25. Estimate cost of equity of Idea.

Given dividend is 2.2 and discounting percentage is 8%. Feel free to choose the other value of discounting.