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

Current price per share of stock = $89	Expected market portfolio return = 10.1%
Dividend per share that will be paid next year = $4.22	Risk-free interest rate = 3.9%
Expected annual growth of dividend per share = 5%	Stock Beta = 1.84

Calculate the company's cost of equity using the Dividend Growth Model approach ________