Attempts Keep the Highest 0 / 1 . 9. Problem 10.13 (Cost of Common Equity with Flotation) Banyan Co,'s common stock currently selis for $60.75 per share. The growth rate is a constant 7%, and the company has an expected dividend yleid of 4\%. The expected long-run dividend payout ratio is 30%, and the expected-retum on equity (ROE) is 10.0%. New stock can be sold to the public at the current price, but a flotation cost of 15% would be incurred. What would be the cost of new equity? Do not round intermediate calculationa. Round your answer to two decimal places