A corporation is considering issuing new common stock (a seasoned equity olfering). The common stock wil sell for $28.67, will pay a dividend of $1.69 at the end of the vear the dividend is expected to grow each yoar at a rate of 4.3% indefinitely. Issuing the stock requires the services of an investment bank who will charge the company a flotation cost of 11%. What is the company's cost of external equity? Enter your answer as a decimal with a leading zaro and 4 decimal places of precision (i.e. 0.1234)