The return on the market is 11.8%. A firm's beta is 1.6 and the risk-free rate is 5.1%. The stock is currently selling for $19.32 and the next dividend is expected to be $2.23. The firm's growth rate is 4.3%. The cost of debt is 11.4%. Assume the equity risk premium is 4.4%. Estimate the cost of equity using the bond yield plus a premium approach.