Milwaukee Telecom $($MT$)$ just paid a dividend $($D$0)$ of $$2\mathrm{.}37$ per share; future dividends are expected to grow by $2\%$ per year indefinitely. The firm$$s stock is not publicly traded but data from comparable firms have an average beta of $1\mathrm{.}23$; these firms also have average debt$-$equity ratios of $39\%$ and an average tax rate of $28\%.$ MT itself has a debt$-$equity ratio of $50\%$ and a tax rate of $27\%.$ The current yield on $10-$year U$.$S$.$ Treasury bonds is $4\%,$ and the expected return on the S&P $500$ is $8\%.$ What would be the firm$$s current cost of common stock $($in percentage terms, rounded to two decimal places, e$.$g$.,12\mathrm{.}34)?$

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