A company just paid a $2.9 per share dividend on its common stock (DO - $2.9). The dividend is expected to grow at a constant rate of 1.5 percent per year. The stock currently sells for $48 a share. If the company issues additional stock, it must pay its investment banker a flotation cost of $1 per share. What is the cost of external equity, re? 7.63% 7.4696 7.76% 7.33% 7.06%