Banyan Co.'s common stock currently sells for $59.75 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 20%, and the expected return on equity (ROE) is 7.5%. 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. % eBook Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $105.50, but flotation costs will be 8% of the market price, so the net price will be $97.06 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places. %