Stock in CDB Industries has a beta of .90. The market risk premium is 7 percent, and T-bills are currently yielding 3.5 percent. CDB's most recent dividend was $1.80 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., 32.16).) Cost of equity