Problem $11-23$ Flotation Cost $($LG$11-8)$Suppose that Brown$-$Murphies$$ common shares sell for $$21\mathrm{.}00$ per

share, that the firm is expected to set their next annual dividend

at $$0\mathrm{.}63$ per share, and that all future dividends are expected to

grow by $4$ percent per year, indefinitely. Assume Brown$-$Murphies

faces a flotation cost of $14$ percent on new equity issues.$$What will be the flotation$-$adjusted cost of

equity?$($Round your answer to $2$ decimal

places.$)$