Banyan Cois common stock currently sells for $38.75 per share. The growth rate is a constant 6%, and the company has an expected dividend yield of 6%. Th expected long-run dividend payout ratio is 20%, and the expected return on equity (ROE) is 7,5%. New stock can be sold to the public at the current price, bu 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