Reliable Electric is a regulated public utility, and it is expected to provide steady dividend growth of $4\%$ per year for the indefinite future. Its last dividend was $$6$ per share; the stock sold for $$60$ 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 $$