Use the following information to compute the cost of retained earnings:

Risk Free Rate $=$ RF $=3\%$

Market Return $=$ RM $=11\%$

Beta $=1\mathrm{.}02$

Enter your answer in percentage terms, but don't include the percent sign, and go out two decimal places $($e$.$g$.$ enter $6\mathrm{.}51$ for $6\mathrm{.}51\%).$