The Tribiani Company just issued a dividend of $$2\mathrm{.}60$ per share on its common stock.

The company is expected to maintain a constant $4$ percent growth rate in its

dividends indefinitely. If the stock sells for $$44\mathrm{.}40$ 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$.,32\mathrm{.}16.$

Answer is complete but not entirely correct.