Barton Industries expects next year's annual dividend, D₁, to be $1.80 and it expects dividends to grow at a constant rate g_L = 4.9%. The firm's current common stock price, P₀, is $20.50. If it needs to issue new common stock, the firm will encounter a 4.2% flotation cost, F. Assume that the cost of equity calculated without the flotation adjustment is 12% and the cost of old common equity is 11.5%. What is the flotation cost adjustment that must be added to its cost of retained earnings? Round your answer to 2 decimal places. Do not round intermediate calculations. %

What is the cost of new common equity? Round your answer to 2 decimal places. Do not round intermediate calculations. %