Whitewall Tire Co. just paid an annual dividend of $1.35 on its common shares. If Whitewall is expected to increase its annual dividend by 3.00 percent per year into the foreseeable future and the current price of Whitewalls common shares is $14.73, what is the cost of common stock for Whitewall? (Round answer to 2 decimal places, e.g. 15.25%.) Cost of common equity = %