Problem 14-3 Calculating Cost of Equity (LO1] Stock in Daenerys Industries has a beta of 1.2. The market risk premium is 5 percent, and T-bills are currently yielding 4.2 percent. The company's most recent dividend was $1.40 per share, and dividends are expected to grow at an annual rate of 5 percent indefinitely If the stock sells for $30 per share, what is your best estimate of the company's cost of equity? (Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g. 32.16.) Cost of equity %