Suppose you are given the following information for Petzl Production Co. (PPC), a sporting goods manufacturer: Facts and Assumptions ($ are in millions, except for per-share information) YTM on long-term government bonds 2.50% Market risk premium 7.00% Coupon rate on firm's long-term bonds 6.20% Firm's equity beta 1.20 Stock price YTM on firm's long- term bonds 5.40% $40.00 per share Dividend per share, paid yesterday $1.80 Book value of equity $5,450 ET Expected annual dividend growth rate 4.50% Book value of debt $2,200 Number of shares outstanding (millions) 220.0 Tax rate 25.0% Estimate PPC's cost of equity capital using the dividend discount model. Input your answer as a percentage with two decimal places. For example, if your result is 14.567%, input 14.57