Stock in Daenerys Industries has a beta of 1.41. The market risk premium is 8 percent, and T-bills are currently yielding 3.5 percent. The company's most recent dividend was $1.9 per share, and dividends are expected to grow at a 6.5 percent annual rate indefinitely. If the stock sells for $35 per share, what is your best estimate of the company's cost of equity?