Reliable Electric is a regulated public utility, and it is expected to provide steady dividend growth of 6% per year for the indefinite future. Its last dividend was $3 per share; the stock sold for...

Reliable Electric is a regulated public utility, and it is expected to provide steady dividend growth of 6% per year for the indefinite future. Its last dividend was $3 per share; the stock sold for $30 per share just after the dividend was paid. What is the company’s percentage cost of equity?
(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)