Question $18$

Your company is expected to issue its next annual dividend in a year of $$3\mathrm{.}29$ per share on its common stock. The company is expected to maintain a constant $2\mathrm{.}46$ percent growth rate in its dividends indefinitely. If the stock sells for $$44\mathrm{.}84$a share, what is the company's cost of equity?

$($Do not round any intermediate calculations. List your answer as a percent, round your final answer to $2$ decimal places and enter it in the box below.$)$