Cullumber Tire Co. just paid an annual dividend of $ 1.20 on its common shares. If Cullumber is expected to increase its annual dividend by 3.10 percent per year into the foreseeable future and the current price of Cullumber's common shares is $17.09, what is the cost of common stock for Cullumber? (Round intermediate calculations to 4 decimal places, eg.0.1555 and final answer to 2 decimal places, eg. 15.25%.) Cost of common stock %