Panther Inc. is expected to pay an annual dividend of $4.50 on its common stock in one year. The current stock price is $76.78 per share. The company announced that it will increase its dividend by 4.42 percent annually. What is the company's cost of equity? Answer as a percentage (e.g. 0.1111 is 11.11%, so you would write 11.11 as the answer)