Stock in Jansen Industries has a beta of 1.3. The market risk premium is 7 percent, and T-bills are currently yielding 4.5 percent. The companys most recent dividend was $1.50 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 companys cost of equity? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)