Banyan cos common stock currently sells for $39.25 per share. The growth rate is a constant 5%, and the company has an expected dividend yield of 3. The expected long-run dividend payout ratio is 50%, and the expected return on equity (ROE) is 10.09. New stock can be sold to the public at the current price, but a Notation cost of 159 would be incurred. What would be the cost of new equity? Do not found intermediate calculations, Round your answer to two decimal places