Stock in Eduardo Industries has a beta of $\mathrm{.}97.$ The market risk premium is $7\mathrm{.}2$ percent, and T$-$bills are currently yielding $4\mathrm{.}2$ percent. The most recent dividend was $$2\mathrm{.}60$ per share, and dividends are expected to grow at an annual rate of $5\mathrm{.}2$ percent, indefinitely. If the stock sells for $$48$ 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$.,32\mathrm{.}16.$