Pharoah Wok is expected to pay a dividend of $$2\mathrm{.}8$ one year from today on its common shares. That dividend is expected to increase by $8$ percent every year there after. If the price of Pharoah common stock is $$20\mathrm{.}00,$ what is the cost of its common equity capital? $($Round intermediate calculations to $2$ decimal places, e$.$g$.0\mathrm{.}15$ and final answer to $1$ decimal place, $.$g$.15\mathrm{.}2\%)$