Stock in CDB Industries has a beta of $\mathrm{.}90.$ The market risk premium is $7$ percent, and T$-$bills are currently yielding $3\mathrm{.}5$ percent. CDB$$s most recent dividend was $$1\mathrm{.}80$ per share, and dividends are expected to grow at a $5$ percent annual rate indefinitely.

Required:

If the stock sells for $$47$ per share, what is your best estimate of CDB$$s cost of equity? $($Do not round intermediate calculations. Enter your answer as a percentage rounded to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).)$