$($Restated to Checkpoint $14\mathrm{.}2)($Cost of common equily$)$ Salte Corporation is issuing new common stock at a market price of $$27\mathrm{.}71.$ Dividends last year were $$1\mathrm{.}46$ and are expected to grow at an amval rate of $6\mathrm{.}7$ percent forever. What is Salte's cost of common equity?

The compary's cost of common equity is $1.($Round to two decimal places.$)$