Last year the Black Water Inc. paid dividends $4.83. Company's dividends are expected to grow at an annual rate of 3% forever. The company's common stock is currently selling on the market for S91.56. The investments banker will charge flotation costs $4.51 per share. Calculate the cost of common equity financing using Gordon Model. Round the answers to two decimal places in percentage form. (Write the percentage sign in the "unit's" box)