BN Unicorn Co. common stock has a beta of 1.35 and is expected to pay a $2.91 dividend over the next year. The dividend is expected to grow at the constant rate of 4% per year. The risk-free rate is 1.8% and the return on the market index is 7.19%. What is the cost of new equity to the firm, in %, if the flotation costs of issuing it are 5%? (Drop the % symbol.)