As the winner of a contest, you are now CFO for the day for Maguire Inc. and your day's job involves raising capital for expansion. Maguire's common stock currently sells for $45.00 per share, the company expects to earn $2.75 per share during the current year, its expected payout ratio is 70%, and its expected constant growth rate in dividendsis 6.00%. New stock can be sold to the public at the current price, but a flotation cost of 8% would be incurred. What is the company's cost of newly issued equity?