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A firm wishes to issue new shares of its stock, which already trades in the market. The current stock price is $36, the most recent dividend was $4 per share, and the dividend is expected to grow at a rate of 5% forever. Flotation costs for this issue are expected to be 15%. What is the required rate of return (or financing cost) in this new issue? Note: when flotation costs are given as a percentage instead of in dollar terms, the denominator in the formula changes from (P-F) to P(1F). Enter your answer as a percentage, without the percentage sign ('\%'), and rounded to two decimals. So, if your answer is 0.123456, enter 12.34