Ordinary shares in Company S are listed on the London Stock Exchange. Company T has announced a dividend of 32p per ordinary share for the current year. There will be only one dividend payable for the year. It is forecast that Company T will announce a dividend of 34p per ordinary share for next year and that there will be only one dividend payable for the year. Company T's shares have a market price of 274.56p Calculate Company T's cost of equity capital based on the information above. Give your answer as a percentage, without the percent sign, to 2 decimal places. For example, for 8.333% enter 8.33