Suppose Trix Industries just issued a dividend of $2.09 per share on its common stock. The company paid dividends of $1.52, $1.64, $1.77, and $1.86 per share in the last four years. If the stock currently sells for $14, what is your best estimate of the company's 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%)]