Stock in Eduardo Industries has a beta of .95. The market risk premium is 7.0 percent, and T-bills are currently yielding 4.0 percent. The most recent dividend was $2.40 per share, and dividends are expected to grow at an annual rate of 5.0 percent, indefinitely. If the stock sells for $46 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