Stock in Jansen Industries has a beta of 1.8. The market risk premium is 5 percent, and T bills are currently yielding 4.8 percent. The company's most recent dividend was $2.00 per share, and dividends are expected to grow at an annual rate of 5 percent indefinitely. If the stock sells for $35 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.)