The last five annual dividends for MysteryCorp have been: $1.23, $1.40, $1.55, $1.66, and $1.87. Next year's dividend is expected to be $2. The current stock price is $77 per share. First, calculate the geometric average annual rate of growth based on the historical dividends (taking into account the previous five -- do *not* include next year's expected dividend in this calculation). Your estimate of RE, the cost of equity, is ________%. Do not round intermediate work, but round your *final* answer to 2 decimal places