$($Related to Checkpoint $14\mathrm{.}2)($Cost of common equity$)$ The common stock for Oxford, Inc. is currently selling for $$22\mathrm{.}78,$ and the firm paid a dividend last year of $$1\mathrm{.}87.$ The dividends and earnings per share are projected to have an annual growth rate of $3\mathrm{.}6$ percent into the foreseeable future. What is the cost of common equity for Oxford?

The cost of common equity for Oxford is $\%.($Round to two decimal places.$)$