Please show all of your work for your explanation:

Stock in CDB Industries has a beta of .96. The market risk premium is 7.1 percent, and T-bills are currently yielding 4.1 percent. CDB's most recent dividend was $2.50 per share, and dividends are expected to grow at an annual rate of 5.1 percent indefinitely.

If the stock sells for $47 per share, what is your best estimate of the company's cost of equity?(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimalplaces, e.g., 32.16.)

Cost of equity: