The Drogon Co. just issued a dividend of $2.55 per share on its common stock. The company is expected to maintain a constant 5.3 percent growth rate in its dividends indefinitely. If the stock sells for $51 a share, what is the company's cost of equity? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Cost of equity