You want to estimate the cost of equity for a company. Since you know that it is only an estimate you feel that taking the average between estimating it with CAPM and DDM is the best approach. The firm has grown its dividend payment by 4.88% per year and you expect the next payment to be $3.46. The current price per share is $69.39. The firm's beta is 0.84 , the risk-free in the market is 3.46%, and the expected market return 9.69%. Answer as a percentage to two decimals