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Use the information to answer the following question. The Global Advertising Company has a marginal tax rate of 40%. The company can raise debt at an 8% interest rate. The last dividend paid by Global was $1.10. Globals common stock is selling for $7.93 per share, and its expected growth rate in earnings and dividends is 4%. Global plans to finance all capital expenditures with 20% debt and 80% equity.

Assume that the floatation cost of new stock issuing is 1.5%. What is Global's cost of common stock if it has to issue new common stock?