Stock in Jansen Industries has a beta of 1.05. The market risk premium is 7 percent, and T-bills are currently yielding 3.5 percent. The companys most recent dividend was $2.45 per share, and dividends are expected to grow at an annual rate of 4.1 percent indefinitely. If the stock sells for $44 per share, what is your best estimate of the companys cost of equity?