A corporation is considering issuing new common stock (a seasoned equity offering). The common stock will sell for $24.15, will pay a dividend of $1.5 at the end of the year; the dividend is expected to grow each year at a rate of 3.7% 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 zero and 4 decimal places of precision (i.e. 0.1234)