Assignment Score: 27.27% Save ions Problem 11-13 (The Cost of Equity and Flotation Costs) Submit Assignment for Grading Question 9 of 11 Check My Work eBook The Cost of Equity and Flotation Costs Messman Manufacturing will issue common stock to the public for $25. The expected dividend and the growth in dividends are $3.25 per share and 3%, respectively. If the flotation cost is 14% of the issue's gross proceeds, what is the cost of external equity, r.? Round your answer to two decimal places. Check My Work 845 PM 03/25/200