Whitewall Tire Co. just paid an annual dividend of $1.20 on its common shares.
If Whitewall is expected to increase its annual dividend by 2.10 percent per year into the foreseeable future and the current price of Whitewall's common shares is $11.00, what is the cost of common stock for Whitewall?
(Round answer to 2 decimal places, e.g. 15.25%.)