$($Related to Checkpoint $14\mathrm{.}2)($Cost of common equity$)$ Salte Corporation is issuing new common stock at a market price of $$26\mathrm{.}61.$ Dividends last year were $$1\mathrm{.}45$ and are expected to grow at an annual rate of $5\mathrm{.}3$ percent forever. What is Salte's cost of common equity?

The company's cost of common equity is $\%.($Round to two decimal places.$)$