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(Related to Checkpoint 14.2) (Cost of common equity) Salte Corporation is issuing new common stock at a market price of $26.53. Dividends last year were

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(Related to Checkpoint 14.2) (Cost of common equity) Salte Corporation is issuing new common stock at a market price of $26.53. Dividends last year were $1.42 and are expected to grow at an annual rate of 5.8 percent forever. What is Salte's cost of common equity? The company's cost of common equity is \%. (Round to two decimal places.)

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