Blue Sky Corporation has a capital structure of 40% debt and 60% common equity. This capital structure is expected not to change. The firm's tax rate is 21%. The firm can issue the following securities to finance capital investments: Debt: Capital can be raised through bank loans at a pretax cost of 6.5%. Also, bonds can be issued at a pretax cost of 8.8% Common Stock: Retained earnings will be available for investment. In addition, new common stock can be issued at the market price of $57. Flotation costs will be $2 per share. The recent common stock dividend was $3.38. Dividends are expected to grow at 5% in the future. What is the firm's cost of external equity? PLEASE INPUT THE ANSWER IN PERCENT ROUNDING IT TO 2 DECIMALS. DO NOT INCLUDE % SIGN E.G., INSTEAD OF 9.99% INPUT 9.99