A Nyce Place to Work has paid dividends that have increased on average by 2 % every year for the last 4 years. This year's dividend was $5.25. The current stock price is $107.10. In addition, A Nyce Place to Work's beta has been estimated at .85. The risk free rate is estimated at 2.3% and the market risk premium is 7.3%. What is the best estimate of A Nyce Place to Work's cost of equity?