C 11 Problems inment: HW 5: EOC 11 Problems. ions Problem 11-13 (The Cost of Equity and Flotation Costs) O Save % Assignment Score: 20.00% Submit Assignment for Grading Question 5 of 5 Check My Work (2 remaining) eBook The Cost of Equity and Flotation Costs Messman Manufacturing will issue common stock to the public for $25. The expected dividend and the growth in dividends are $2.00 per share and 5%, respectively. If the flotation cost is 16% of the issue's gross proceeds, what is the cost of external equity, re? Round your answer to two decimal places. X Check My Work (2 remaining)