Rossdale Company stock currently sells for $70.67 per share and has a beta of 1.12. The market risk premium is 7.90 percent and the risk-free rate is 3.27 percent annually. The company just paid a dividend of $3.89 per share, which it has pledged to increase at an annual rate of 3.65 percent indefinitely. What is your best estimate of the company's cost of equity