Stock in Initrode Software has a beta of 0.75. The market risk premium is 10 percent while T-bills are currently yielding 5.5 percent. Initrode's most recent dividend was $1.57 per share, and dividends are expected to grow at a 7 percent annual rate indefinitely. The stock sells for $33 a share. What is the estimated cost of equity using the average of the CAPM approach and the dividend discount approach? Enter percentage answers as a decimal rounded to three decimal places (ex. 15.945% as 0.159)