Magic Candy Co$.$ expects to earn $$3\mathrm{.}75$ per share during the current year, its expected dividend payout ratio is $35\%,$ its expected constant dividend growth rate is $7\mathrm{.}25\%,$ and its common stock currently sells for $$64$ per share. New stock can be sold to the public at the current price, but a flotation cost of $8\%$ would be incurred. What would be the cost of equity from new common stock?

$($Hint: Dividend Payout Ratio $=$ Dividend Per Share $\frac{?}{?}$ Earnings Per Share$)$