The Pierce Co. just issued a dividend of $2.93 per share on its common stock. The company is expected to maintain a constant 8.32 percent growth rate in its dividends indefinitely. If the stock sells for $41 a share, what is the companys cost of equity?

(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16; exclude the percentage sign, %.)