Heavy Rain Corporation just paid a dividend of $3.98 per share, and th

Heavy Rain Corporation just paid a dividend of $3.98 per share, and the firm is expected to experience constant growth of 5.47% over the foreseeable future. The common stock is currently selling for $78.17 per share. What is Heavy Rain’s cost of retained earnings using the Gordon Model (DDM) approach?Round the answers to two decimal places in percentage form.