A firm has a common stock with a market price of $200 per share and an expected dividend of $5.61 per share at the end of the coming year. A new issue of stock is expecteed to be sold for $96 per share, with $4 per share representing the underpricing necessary in the competitive capital market. Flotation costs are expected to total $2 per sahre. The dividends paid on the outstanding stock over the past five years are as follows:

Year	Dividend
1	$4.00
2	4.28
3	4.58
4	4.90
5	5.24

The cost of the new issue of common stock is _________.

Please show all work.