A firm needs to take flotation costs into account when it is raising capital from. Manning Co. has a current stock price of $22.35 and is expected to pay a dividend of $2.45 at the end of next year. The company's growth rate is expected to remain constant at 8.7%. If flotation costs represent 3.0% of funds raised, what is the flotation-adjusted cost of new common stock? 19.7% 20.0% 17.0% 16.0%