Suppose you are hired as a consultant by The Retainer Inc. to help them estimate the company's cost of capital. You have been provided with the following information: The company just paid a dividend of $0.26 per share (D0=$0.26); the dividend is expected to grow at a constant rate of 6% per year indefinitely (g=6%); its stock is currently selling at $39 a share (P0 = $39); and issuing new shares will incur a flotation cost of 5% a share. Based on the discounted cashflow approach, what is the cost of retained earnings for The Retainer Inc.? (Express your answer in % and round to the second decimal place. For example, if your answer is 0.1234, write it as 12.34 and leave out the percentage sign.)