Last year the Black Water Inc. paid dividends $4.32. Company’s dividends are expected to grow at an annual rate of 5% forever. The company’s common stock is currently selling on the market for $72.58. The investments banker will charge flotation costs $2.12 per share. Calculate the cost of common equity financing using Gordon Model. Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box).