Problem 12-1 Calculating Cost of Equity [LO 1] The Giuntoli Co. just issued a dividend of $2.30 per share on its common stock. The company is expected to maintain a constant 7 percent growth rate in its dividends indefinitely. If the stock sells for $43.10 a share, what is the company's cost of equity? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places e.g,32.16) Cost of equity