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Stock in Jansen Industries has a beta of 1.2. The market risk premium is 5...

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Stock in Jansen Industries has a beta of 1.2. The market risk premium is 5 percent, and Tbills are currently yielding 4.9 percent. The company's most recent dividend was $1.90 per share, and dividends are expected to grow at an annual rate of 5 percent indefinitely. If the stock sells for $50 per share, what is your best estimate of the company's cost of equity? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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