You have gathered the following information about your firm:

Current Stock Price (Common) ==> $44

Forecasted Dividend (D1) ==> $2.89

Beta ==> 0.4

YTM on Debt ==> 9.73%

Coupon Rate on Debt ==> 7.62%

Treasury Bond Yield ==> 5.43%

Growth Rate on Dividends ==> 3.2%

Expected Return on the Market ==> 11.97%

Risk Premium for Stocks over Bonds ==> 6.4%

Based on this, estimate the cost of common stock financing based on the dividend valuation approach. Round to 2 decimal places in percentage terms.