3.Clipton Enterprises Inc just paid a dividend of $1.85. Dividends are expected to grow at a constant rate of 7.5% per year, and the stock price is currently $19.25. New stock can be sold at this price subject to flotation costs of 8%. The company's marginal tax rate is 35%. Compute the cost of internal equity (retained earnings) and the cost of external equity (new common stock), respectively.