Stock in Eduardo Industries has a beta of $1\mathrm{.}14.$ The market risk premium is $7\mathrm{.}4$ percent, and T$-$bills are currently yielding $4\mathrm{.}4$ percent. The

most recent dividend was $$3\mathrm{.}80$ per share, and dividends are expected to grow at an annual rate of $5\mathrm{.}4$ percent, indefinitely. If the

stock sells for $$60$ per share, what is your best estimate of the company's cost of equity?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Cost of equity