baryan Co:s common etock currentfy selks for $36.75 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 ratbo is 20%, and the expected retum on equity (ROE) is 7.5\%. New stock can be sold to the public at the current price, but; a flotaton cost of 15% would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two decimal places