P14-3 Calculating Cost of Equity [LO1] Stock in Country Road Industries has a beta of 0.63. The market risk premium is 9 percent, and T-bills are currently yielding 5 percent. The company's most recent dividend was $1.7 per share, and dividends are expected to grow at a 4 percent annual rate indefinitely. If the stock sells for $34 per share, what is your best estimate of the company's cost of equity? (Do not round your intermediate calculations.) 9.93% 10.67% 9.2% 8.56% 7.52%