A company's stock is selling for $$35\mathrm{.}25.$ This stock is expected to grow at the constant rate of $4\mathrm{.}5\%$ for very long time. The last dividend paid by this company was $$1\mathrm{.}15.$ The tax rate of this company is $21\%$ and it will incur floatation cost of $12\%$ if it issues any new stock in the future.Calculate the cost of issuing new equity for this company.

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