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

Current price per share of stock = $88	Expected market portfolio return = 9.2%
Dividend per share that will be paid next year = $4.14	Risk-free interest rate = 4%
Expected annual growth of dividend per share = 7%	Stock Beta = 1.66

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