13. Problem 11-13 (The Cost of Equity and Flotation Costs) The Cost of Equity and Flotation Costs Messman Manufacturing will issue common stock to the public for $25. The expected dividend and the growth in dividends are $2.00 per share and 5%, respectively. If the flotation cost is 15% of the issue's gross proceeds, what is the cost of external equity, re ? Round your answer to two decimal places. %