Problem 12-3 Calculating Cost of Equity [LO 1] Suppose Wacken, Limited just issued a dividend of $2.64 per share on its common stock. The company pald dividends of $2.14,$2.21. $2.38, and $2.48 per share in the last four years. If the stock currently sells for $83, whot is your best estimate of the company's cost of equity capital using arithmetic and oeometric growh retes? Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g. 32.16