Stock in Daenerys Industries has a beta of 0.54. The market risk premium is 9 percent, and T-bills are currently yielding 5 percent. The company's most recent dividend was $16 per share, and dividends are expected to grow at a 4.5 percent annual rate indefinitely. If the stock sells for $38 per share, what is your best estimate of the company's cost of equity? Multiple Choice 8.9% 9.86% 9.38% 8.23% 7.16%