Back to Assignment Attempts: Keep the Highest: / 1 10. Problem 10.13 (Cost of Common Equity with Flotation) eBook Problem Walk-Through Banyan Co.'s common stock currently sells for $58.75 per share. The growth rate is a constant 6%, and the company has an expected dividend yield of 3%. 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 10% would be incurred. What would be the cost of new equity? Do not round intermediate calculations, Round your answer to two decimal places