The current stock price of XYZ Corp is $110 per share. It currently pays an annual per-share dividend of $6.2. A respected analyst assumes that the current growth rate of dividends will be 17% for the next 6 years, after which dividend growth will slow to 5% annually. Solve this two-stage Gordon model to compute the cost of equity.

		15.14%
		14.45%
		14.68%
		15.80%