The Swanson Corporation's common stock has a beta of $1\mathrm{.}12.$ Assume the risk$-$free rate is $4\mathrm{.}7$ percent and the expected return on the market is $12\mathrm{.}2$ percent. What is the company's cost of equity capital?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Cost of equity