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 company's 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 company's cost of equity? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Cost of equity %