O'Snapp Trucking's just paid its annual dividend of $4.60 per share. Dividends have hit steady state and are expected to grow at 1.80% per year in perpetuity. The current stock price for O'Snapp is $56.80 per share. Compute the cost of equity (retained earnings) for O'Snapp. State in percentage terms without the percent sign symbol and round to the second decimal place. (Thus, 12.98756% would be written as 12.99 to be correct)