Stock in Jansen Industries has a beta of $1\mathrm{.}1.$ The market risk premium is $6$ percent, and Tbills are currently yielding $4\mathrm{.}7$ percent. The company's most recent dividend was $$1\mathrm{.}70$ per share, and dividends are expected to grow at an annual rate of $5$ percent indefinitely. If the stock sells for $$34$ 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$.,32\mathrm{.}16.)$

Answer is complete but not entirely correct.

Cost of equity

$16\mathrm{.}55$

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