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

Current price per share of stock = $100	Expected market risk premium = 9.6%
Dividend per share paid just recently = $4.01	Risk-free interest rate = 5.5%
Expected annual growth of dividend per share = 6%	Stock Beta = 1.56

Calculate the company's cost of equity using the Dividend Growth Model approach. Your answer should be in percent, not in decimals: e.g., 12.34 rather than 0.1234