Alpha Moose Transporters has a current stock price of $40 per share, and is expected to pay a per-share dividend of $3,50 at the end of next year. The company's earnings and dividends growth rate are expected to grow at a constant rate of 5.40% into the foreseeable future. If Sunny Day expects to incur flotation costs of 4.15% 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