Banyan Cos common stock currently sells for $60.75 per share. The growth rate is a constant 3%, and the company has an expected dividend yield of 6%. The expected long-run dividend payout ratio is 50%, and the expected return on equity (ROE) is 6.0%. New stock can be sold to the public at the current price, but a festation cost of 546 would be incurred. What would be the cost of new equity? Do not round intermediate calculations, Round your answer to two decimal places. %