Stock in Country Road Industries has a beta of 1.04. The market risk premium is 9 percent, and T-bills are currently yielding 3.5 percent. The company's most recent dividend was $2 per share, and dividends are expected to grow at a 6.5 percent annual rate indefinitely. If the stock sells for $40 per share, what is your best estimate of the company's cost of equity? (Do not round your intermediate calculations.) Multiple Choice O 9.22% 11.83% O 12.34% 12.86% O 10.72%