Our company has a beta of 0.90, a dividend growth rate of 4.5 percent for the foreseeable future, a stock price of $47 per share, and an expected annual dividend of $2.60 per share next year. The expected market rate of return is 12.60 percent and the risk-free rate is 3.4 percent. What is the firm's average cost of equity? Enter as a whole number with two decimal places and no percent sign (1.23). Numeric Response