A corporation is considering issuing new common stock (a seasoned equity offering) The common stock will sell for $23.71, will pay a dividend of $1.46 at the end of the year the dividend is expected to grow each year at a rate of 4 4% indefinidely 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 zero and 4 decimal places of precision (ie. 0.1234)