Expected cash dividends are $$4\mathrm{.}00,$ the dividend yield is $5\%,$ flotation costs are $7\%$ of price, and the growth rate is $5\%.$ Compute the approximate cost of new common stock.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Multiple Choice

$12\mathrm{.}48\%$

$11\mathrm{.}38\%$

$10\mathrm{.}38\%$

$10\mathrm{.}13\%$