A company's Balance Sheet (in millions)AssetsLiabilities & Equity Current$80Net Fixed$120Bonds ($1000 Par)130Preferred stocks ($100 Par)40 Total$200Common Stock ($1 par)30Total$200The company's bonds have 10 years to mature, pay 10% coupon rate semi-annually and comparable bonds' YTM is 14%. The company's applicable tax rate is 40%. The market price of common stock is $10.50 per share. The common stock is constantly growing at a rate of 6%. The same growth rate is expected to continue for long time in the future. The most recent dividend on the common stock was $1.15. The otation cost for new common stocks is 10%. The market value of the preferred stock is $45 and it pays quarterly dividend of $1.25. The flotation cost on issuing new preferred stock is 7% What is the cost of issuing new common stock?