Current Price per Share	$45
Expected EPS during the current year	$2.75
Expected Payout ratio	70%
Expected constant growth rate	6%

Given the above information of a firm's common stock and with the assumption that 8% flotation cost will be incurred as the stock can now be sold to the public at the current price, calculate by how much the cost of the new common stock exceed the cost of retained earnings. (Express your answer in decimal format with four decimal places i.e. 0.1234 and not as 12.34%).