A new common stock issue that paid a $1.70 dividend last year. The par value of the stock is $15, and earnings per share have grown at a rate of 11 percenf per year. This growth rate is expected to continue into the foreseeable future. The company maintains a constsnt dividend-earninfs ratio of 30 percent. The price of this stock is now $31, but 7 percenf flotation costs are anticipated. What is the cost of external common equity? Please solve, explain, and use a Ba II plus calculator if needed, Thank you!