Suppose Wacken, Limited, just issued a dividend of $$2\mathrm{.}35$ per share on its common stock. The company paid dividends of $$1\mathrm{.}90,$$$2\mathrm{.}09,$$$2\mathrm{.}16,$ and $$2\mathrm{.}27$ per share in the last four years.

a$.$ If the stock currently sells for $$50,$ what is your best estimate of the company's cost of equity capital using the arithmetic average growth rate in dividends? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$q$.,32\mathrm{.}16.)$