$($Related to Checkpoint $14\mathrm{.}2)($Cost of common equity$)$ Salte Corporation is issuing new common stock at a market price of $$26\mathrm{.}67.$ Dividends last year were $$1\mathrm{.}47$ and are expected to grow at an annual rate of $5\mathrm{.}9$ percent forever. What is Salte's cost of common equity?

The company's cost of common equity is

$\%.($Round to two decimal places.$)$