As a financial analyst for LLED Manufacturing you are tasked with raising equity capital.The CEO would like to know by how much the cost of new stock would exceed the cost of common from reinvested earnings(inpercent). LLED's common stock currently sells for$85per share,the company expects to earn$5per share during the current year,its expected payout ratio is47%,and its expected constant growth rate is5%.New stock can be sold to the public at the current price,but a flotation cost of4%would be incurred.