13. Problem 10.13 (Cost of Common Equity with Flotation) B eBook Banyan Co.'s common stock currently sells for $47.00 per share. The growth rate is a constant 5%, and the company has an expected dividend yield of 6%. The expected long-run dividend payout ratio is 25%, and the expected return on equity (ROC) is 8% New stock can be sold to the public at the current price, but a flotation cost of 10% would be incurred. What would be the cost of new equity? Do not round Intermediate calculations, Round your answer to two decimal places