Banyan Ca. $ common stock currently selis for $57.75 per share. The growth rate is a constant 4%, and the company has an expected dividend yield of 5%. The expected long-run dividend payout ratio is 5096 , and the expected return on equity (ROe) is 8.0%. New stock can be sold to the public at the current price, but a flotation cost of 10% would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two decimal places Banyan Ca. $ common stock currently selis for $57.75 per share. The growth rate is a constant 4%, and the company has an expected dividend yield of 5%. The expected long-run dividend payout ratio is 5096 , and the expected return on equity (ROe) is 8.0%. New stock can be sold to the public at the current price, but a flotation cost of 10% would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two decimal places