The Pierce Co. just issued a dividend of \\( \\$ 2.90 \\) per share on its common stock. The company is expected to maintain a constant 8 percent growth rate in its dividends indefinitely. If the stock sells for \\( \\$ 44.70 \\) 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.)