The Tribiani Company just issued a dividend of $$2\mathrm{.}50$ per share on its common stock. The company is expected to maintain a constant $5$ percent growth rate in its dividends indefinitely. If the stock sells for $$44\mathrm{.}30$ a share, what is the company's cost of equity?

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 $$