You researched Turnkey Investment's financial data and gathered the following information:

Current price per share of stock = $87	Expected market risk premium = 10.6%
Dividend per share next year = $4.62	Risk-free interest rate = 5.9%
Expected annual growth of dividend per share = 6%	Stock Beta = 1.66

Calculate the company's cost of equity using the Capital Asset Pricing Model approach.

Your answer should be in percent, not in decimals: e.g., 10.23 rather than 0.1023. Do NOT use "%" in your answer. Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher, and only round your final answer to TWO decimal places: for example, 10.23.