The Crane Products Co$.$currently has debt with a market value of $$250$million outstanding. The debt consists of $9$percent coupon bonds $($semiannual coupon payments$)$that have a maturity of $15$years and are currently priced at $$1,418\mathrm{.}61$per bond. The firm also has an issue of $2$million preferred shares outstanding with a market price of $$10\mathrm{.}00$per share. The preferred shares pay an annual dividend of $$1\mathrm{.}20.$Crane also has $14$million shares of common stock outstanding with a price of $$20\mathrm{.}00$per share. The firm is expected to pay a $$2\mathrm{.}20$common dividend on year from today, and that dividend is expected to increase by $5$percent$.$ Calculate the cost of common equity.