tock in Daenerys Industries has a beta of 1.2. The market risk premium is 8 percent, and T-bills are currently yielding 5.1 percent. The companys most recent dividend was $1.50 per share, and dividends are expected to grow at an annual rate of 8 percent indefinitely.

If the stock sells for $40 per share, what is your best estimate of the companys cost of equity?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Cost of equity%