Problem $14-1$ Calculating Cost of Equity $[$LO$1]$

The Tribiani Company just issued a dividend of $$3\mathrm{.}35$ per share on its common stock. The company is expected to maintain a constant $6\mathrm{.}9$ percent growth rate in its dividends indefinitely. If the stock sells for $$67$ a share, what is 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$.,32\mathrm{.}16.)$

Cost of equity