Banyan Co.'s common stock currently sells for $36.06 per share. The company has an expected dividend yield of 5.23%. The expected long-run dividend payout ratio is 39%, and the expected return on equity (ROE) is 13.19%. New stock can be sold to the public at the current price, but a flotation cost of 7.3% would be incurred. What would be the cost of new equity? State your answer as a percentage to 2 decimal places. Do not include the % symbol