A stocks beta is .84, the tax rate is 31%, and the market risk premium is 5.2% per year. The companys common stock has a market value of $42.71 per share and its last dividendiwas $1.98 per share. The yield to maturity for the companys long-term debt is 9.1% per year. The company's dividends are expected to grow at a forever constant rate of 5.5% per year. If the flotation costs for common stock are 6%, what is the company's annual cost of common stock financing?