Retained earnings versus new common stock Using the data for a firm shown in the following table, calculate the cost of retained earnings and the cost of new common stock using the constant-growth valuation model.(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.)

Current market price per share	Dividend growth rate	Projected dividend per share next year	Underpricing per share	Flotation cost per share
$52.00	8%	$3.12	$2.50	$2.00

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Part 1

a. The cost of retained earnings is

enter your response here%.

(Round to two decimal places.)

Part 2

b.The cost of new common stock is

enter your response here