Sandhill’s Copper Corp. management expects its common stock dividends to grow 1.74 percent per year for the indefinite future. The firm’s shares are currently selling for $21.60, and the firm just...

Sandhill’s Copper Corp. management expects its common stock dividends to grow 1.74 percent per year for the indefinite future. The firm’s shares are currently selling for $21.60, and the firm just paid a dividend of $3.00 yesterday. What is the cost of common stock for Sandhill?
(Round answer to 2 decimal places, e.g. 15.25%.)