Two-Stage Rocket paid an annual dividend of $1.70 yesterday, and it is commonly known that the firm's management expects to increase its dividend by 12.00 percent for the next two years and by 2 percent thereafter. If the current price of Two-Stage’s common stock is $25.96, what is the cost of common equity capital for the firm? (Do not round intermediate calculations. Round answer to 0 decimal places, e.g. 15%.) Cost of common equity %