Stock in Eduardo Industries has a beta of 1.15. The market risk premium is 7.2 percent, and T-bills are currently yielding 3.9 percent. The most recent dividend was $2.73 per share, and dividends are expected to grow at an annual rate of 5 percent, indefinitely. If the stock sells for $51 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