Suppose Trix Industries just issued a dividend of $2.08 per share on its common stock. The company paid dividends of $1.53, $1.61, $1.73, and $1.88 per share in the last four years. If the stock currently sells for $77, what is your best estimate of the companys cost of equity capital using the arithmetic average growth rate in dividends?

[Enter the final answer in as a percent with two decimals (e.g. 5.55%)]