Back to Assignment als Attempts Keep the Highest / 1 11. Problem 10.13 (Cost of Common Equity with Flotation) eBook Problem Walk Through Banyan Co.'s common stock currently sells for $51.25 per share. The growth rate is a constant 4%, and the company has an expected dividend vield of 2%. The expected long-run dividend payout ratio is 50%, and the expected return on equity (ROE) is 8.0%. 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. % Grade It Now ary Save & Continue Continue without saving Barch o a 23 PM 4/18/2021