A company has common stock that can be sold for $33.09 per share. The stock paid a dividend at the end of last year of $1.47. Dividends are expected to grow at an annual rate of 8% indefinitely. Flotation costs associated with the sale of stock equal $5.68 per share. What is the corporations cost of external equity? Submit your answer as a percentage and round to two decimal places (Ex. 0.00%)

Carnet Corp. will finance its next major expansion with 40% debt, 10% preferred stock, and 50% new common stock. Carnets after-tax cost of debt is 3.8%, cost of preferred stock is 6.8%, cost of retained earnings is 13.4%, and cost of new common stock is 19.9%. What is the corporations weighted average cost of capital? Submit your answer as a percentage and round to two decimal places (Ex. 0.00%)