Suppose RenTech, a renewable energy firm, is expected to pay a $1.71 dividend at the end of the next calendar quarter on it common stock and that this dividend is also expected to rise by 2.31% each year. If the common stock has a market price of $14.69 per share, what is the expected cost of equity capital for the firm? Express your answer as a percentage rounded to two decimal places; for example, if you calculate a value of .1345, then you should input your answer as 13.45% and NOT 13.5% or 0.1345