Pharoah Tire Co.just paid an annual dividend of $1.70 on its common shares. If Pharoah is expected to increase its annual dividend by 3.10 percent per year into the foreseeable future and the current price of Pharoah's common shares is $20.94, what is the cost of common stock for Pharoah? (Round intermediate calculations to 4 decimal places, e.g. 0.1555 and final answer to 2 decimal places, e.g. 15.25%.) Cost of common stock