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The Drogon Co. just issued a dividend of $2.50 per share on its common stock. The company is expected to maintain a constant 5.2 percent

The Drogon Co. just issued a dividend of $2.50 per share on its common stock. The company is expected to maintain a constant 5.2 percent growth rate in its dividends indefinitely.

If the stock sells for $50 a share, what is the companys cost of equity? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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