You want to calculate the weighted average cost of capital. The dividend just paid is $$2\mathrm{.}60/$share$.$ It is anticipated to grow at a rate of $4\%$ for the foreseeable future.

What is the cost of equity if the current price of stock is $$44\mathrm{.}40$ a share?

$($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,12\mathrm{.}34.)$