(Related to Checkpoint 14.2) (Cost of common equity) The common stock for Oxford, Inc. is currently selling for $22.01, and the firm paid a dividend last year of $1.76. The dividends and earnings per share are projected to have an annual growth rate of 3.7 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.)