Ivanhoe Tire Co. just paid an annual dividend of $1.70 on its common shares. If Ivanhoe is expected to increase its annual dividend by 6.10 percent per year into the foreseeable future and the current price of Ivanhoes common shares is $16.40, what is the cost of common stock for Ivanhoe? (Round intermediate calculations to 4 decimal places, e.g. 0.1555 and final answer to 2 decimal places, e.g. 15.25%.)