Crane Tire Co. just paid an annual dividend of $1.70 on its common shares. If Crane is expected to increase its annual dividend by 5.10 percent per year into the foreseeable future and the current price of Crane's common shares is $16.67, what is the cost of common stock for Crane? (Round intermediate calculations to 4 decimal places, e. g. 0.1555 and final answer to 2 decimal places, e. g. 15.25%.)
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