Banyan Co.'s common stock currently sells for $44.75 per share. The growth rate is a constant 6%, and the company has an expected dividend yield of 5%. The expected long-run dividend payout ratio is 40%, and the expected return on equity (ROE) is 10.0%. New stock can be sold to the public at the current price, but a flotation cost of 5% 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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Project L requires an initial outlay at t = 0 of $45,000, its expected cash inflows are $9,000 per year for 9 years, and its WACC is 11%. What is the project's NPV? Do not round intermediate calculations. Round your answer to the nearest cent.

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Project L requires an initial outlay at t = 0 of $75,872, its expected cash inflows are $14,000 per year for 9 years, and its WACC is 9%. What is the project's IRR? Round your answer to two decimal places.

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