Stock in CDB Industries has a beta of 1.07. The market risk premium is 7.2 percent, and T-bills are currently yielding 42 percent. CDB's most recent dividend was $3.10 per share, and dividends are expected to grow at a 5.2 percent annual rate indefinitely. Required: If the stock sells for $53 per share, what is your best estimate of CDB's cost of equity? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (0.9. 32.16).) Cost of equity %