A corporation is considering issuing new common stock (a seasoned equity offering). The common stock will sell for $26.13, will pay a dividend of $1.80 at the end of the year; the dividend is expected to grow each year at a rate of 4.4% indefinitely. Issuing the stock requires the services of an investment bank who will charge the company a flotation cost of 9%. 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)