Alpha Moose Transporters has a current stock price of $22.35 per share, and is expected to pay a per-share dividend of $2.03 at the end of the year. The companys earnings and dividends growth rate are expected to grow at the constant rate of 9.40% into the foreseeable future. If Alpha Moose expects to incur flotation costs of 6.50% of the value of its newly-raised equity funds, then the flotation-adjusted (net) cost of its new common stock (rounded to two decimal places) should be

16.24,

19.11,

15.29,

18.48