Stock in Jansen Industries has a beta of $1\mathrm{.}2.$ The market risk premium is $6$ percent, and T$-$

bills are currently yielding $5\mathrm{.}3$ percent. The company's most recent dividend was $$1\mathrm{.}70$

per share, and dividends are expected to grow at an annual rate of $5$ percent

indefinitely. If the stock sells for $$35$ 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$.,32\mathrm{.}16.)$