Stock in Eduardo Industries has a beta of 1.09. The market risk premium is 7.4 percent, and T-bills are currently yielding 4.4 pela The most recent dividend was $3.30 per share, and dividends are expected to grow at an annual rate of 5.4 percent, indefinitely. If the stock sells for $55 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 ok nt ences %