Banyan Co$.$s common stock currently sells for $$42\mathrm{.}25$ per share. The growth rate is a constant $6\%,$ and the company has an expected dividend yield of $4\%.$ The expected long$-$run dividend payout ratio is $40\%,$ and the expected return on equity $($ROE$)$ is $10\mathrm{.}0\%.$ New stock can be sold to the public at the current price, but a flotation cost of $15\%$ would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two decimal places.

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