Stock in Jansen Industries has a beta of $1\mathrm{.}3.$ The market risk premium is $7$ percent, and T$-$bills are currently yielding $4\mathrm{.}5$ percent. The company$$s most recent dividend was $$1\mathrm{.}50$ 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$.,32\mathrm{.}16.)$