Stock in Daenerys Industries has a beta of 1.06. The market risk premium is 8.5 percent, and T-bills are currently yielding 5 percent. The company's most recent dividend was $1.8 per share, and dividends are expected to grow at a 6.5 percent annual rate indefinitely. If the stock sells for $32 per share, what is your best estimate of the company's cost of equity? Multiple Choice 8.71% 13.25\% 12.49% 10.8% 14.01%