Reliable Electric is a regulated public utility, and it is expected to provide steady dividend growth of 5% per year for the indefinite future. Its last dividend was $3 per share; the stock sold for $35 per share just after the dividend was paid. What is the company's percentage cost of equity? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Cost of equity %Reliable Electric is a regulated public utility, and it is expected to provide steady dividend growth of 5% per year for the indefinite future. Its last dividend was $3 per share; the stock sold for $35 per sharejust after the dividend was paid. What is the company's percentage cost of equity? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Cost of equity 13.57 9 % Explanation Some values below mayr be shown as rounded for display purposes. though unrounded numbers should be used for actual calculations. DIV] r : ',,n + g _ [DIVUX(1+g)] ' Pt) + 3 [Ex 1+U.US ] : # + 0.05 $35 = 0.1400, or 14.00%