Attempts Average 0/1 10. Problem 10.13 (Cost of Common Equity with Flotation) ebook Problem Walk-Through Banyan Co.'s common stock currently sells for $59.25 per share. The growth rate is a constant 6%, and the company has an expected divideod yield of 4%. The expected long- run dividend payout ratio is 20%, and the expected return on equity (ROE) is 7.5% New stock can be sold to the public at the current price, but a flotation cost of 5% would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two decimal places. Grade It Now Save & Continue Continue without saving