The Drogon Co. just issued a dividend of $2.75 per share on its common stock. The company is expected to maintain a constant 5.7 percent growth rate in its dividends indefinitely. If the stock sells for $55 a share, what is the company's cost of equity? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e. g., 32.16.)
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