DE Inc.$\text{'}$s current $($and optimal$)$ capital structure is $40\%$ debt, $10\%$ preferred stock, and $50\%$ common equity. CDE is can issue up to $$20,000,000$ in new bonds at par with a $7\%$ coupon rate; any subsequent amount must carry a $2\%$ pre added risk. The firm has $$21,000,000$ in retained earnings for the current period. CDE's common stock trades at $$98$ the common stock at $t_1$ is $$1.$ Floatation costs on a new common stock issue is $$2$ per share. The company is growing What is the cost of equity from new common stock?

If the answer is $10\mathrm{.}45\%,$ enter $10\mathrm{.}45$