Suppose Hornsby Ltd. just issued a dividend of $2.65 per share on its common stock. The company paid dividends of $2.15, $2.22, $2.39, and $2.49 per share in the last four years. If the stock currently sells for $84, what is your best estimate of the companys cost of equity capital using arithmetic and geometric growth rates? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

	Cost of equity
Arithmetic dividend growth rate	%
Geometric dividend growth rate	%