The following financial information is available on Revs Company:

Current per share stock price $($P$0)$

$$48\mathrm{.}00$

Current dividend $($D$0)$

$$3\mathrm{.}50$

Expected long$-$term growth rate

$5\mathrm{.}0\%$

Determine the cost of equity capital using the dividend growth model $($Gordon growth$).$