The earnings, dividends, and stock price of Motortech Inc. are expected to grow at $4\%$ per year in the future. Motortech$$s common stock sells for $$38$ per share, its last dividend was $$2\mathrm{.}80,$ and the company will pay a dividend of $$2\mathrm{.}91$ at the end of the current year.

Using the dividend growth approach, what is its cost of equity?