Nifty Bikes is a publicly trading company that is trying to determine their cost of equity using the dividend discount model. Nifty Bikes just paid a dividend of $$1\mathrm{.}59$ per share. Historically, dividends have grown by about $4\mathrm{.}8\%$ per year. Nifty Bikes shares are currently trading for $$28\mathrm{.}66$ a share. What is Nifty Bikes' cost of equity?