stock in Jansen Industries has a beta of $1\mathrm{.}2.$ The market risk premium is $8$ percent, and T$-$bills are currently yielding $4\mathrm{.}6$ percent. The company$$s most recent dividend was $$1\mathrm{.}60$ per share, and dividends are expected to grow at an annual rate of $7$ percent indefinitely. If the stock sells for $$32$ per share, what is your best estimate of the company$$s cost of equity?