Stock in Jansen Industries has a beta of $1\mathrm{.}2.$ The market risk premium is $9$ percent, and Tbills are currently yielding $4\mathrm{.}6$ percent. The company's most recent dividend was $$1\mathrm{.}80$ per share, and dividends are expected to grow at an annual rate of $8$ percent indefinitely. If the stock sells for $$36$ per share, what is your best estimate of the company's cost of equity? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Cost of equity

$\%$