Stock in Eduardo Industries has a beta of .97. The market risk premium is 7.2 percent, and T-bills are currently yielding 4.2 percent. The most recent dividend was $2.60 per share, and dividends are expected to grow at an annual rate of 5.2 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., 32.16. Cost of equity %

Stock in Eduardo Industries has a beta of .97 . The market risk premium is 7.2 percent, and T bills are currently yieiding 4.2 percent. The most recent dividend was $2.60 per share, and dividends are expected to grow at an annual rate of 5.2 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., 32.16