Alpha Moose Transporters has a current stock price of $45 per share, and is expected to pay a per-share dividend of $4.10 at the end of next year. The companys earnings and dividends growth rate are expected to grow at a constant rate of 4.90% into the foreseeable future. If Sunny Day expects to incur flotation costs of 5.80% 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