Stock in Eduardo Industries has a beta of 1.06. The market risk premium is 7.1 percent, and T-bills are currently yielding 4.1 percent. The most recent dividend was $3.00 per share, and dividends are expected to grow at an annual rate of 5.1 percent, indefinitely. If the stock sells for $52 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., 32.16. Cost of equity %