A firms common stock is currently selling for $20 per share. The dividend expected to be paid at the end of the coming year is $1.13. Its dividend payments are expected to grow at 3%. It is expected that to sell, a new common stock issue must be underpriced $1 per share in floatation costs. Additionally, the firms marginal tax rate is 40 percent. The firms cost of a new issue of common stock is _______ percent. (Round to 2 decimal places).