Alpha Moose Transporters has a current stock price of $22.35 per share, and is expected to pay a per-share dividend of $2.45 at the end of next year. The company's earnings' and dividends' growth rate are expected to grow at the constant rate of 8.70% into the foreseeable future. If Alpha Moose expects to incur floatation costs of 3.750% of the value of its newly-raised equity funds, then what is their floatation-adjusted (net) cost of its new common stock?