Stock in Country Road Industries has a beta of 1.04. The market risk premium is 9 percent, and T-bills are currently ylelding 4.5 percent. The company's most recent dividend was $2 per share, and dividends are expected to grow at a 5 percent annual rate indefinitely. If the stock sells for $33 per share, what is your best estimate of the company's cost of equity? (Do not round your intermediate calculations.) 11.36% O 10.47% o 13.86% 9.18% 0 12.61%