Problem 10.13 (Cost of Common Equity with Flotation) Question 8 of 20 Check My Work (3 remaining) B eBook Problem Walk-Through Banyan Co.'s common stock currently sells for $55.75 per share. The growth rate is a constant 6%, and the company has an expected dividend yield of 3%. The expected long-run dividend payout ratio is 40%, and the expected return on equity (ROE) IS 10.0%. New stock can be sold to the public at the current price, but a flotation cost of 5% would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two decimal places %