Suppose Powers Ltd. just issued a dividend of $1.20 per share on its common stock. The company paid dividends of $.85, $.92, $.99, and $1.09 per share in the last four years. If the stock currently sells for $53, what is your best estimate of the company’s cost of equity capital using arithmetic and geometric growth rates? (Do not round intermediate calculations. Enter your answers as a percentage rounded to 2 decimal places (e.g., 32.16).)