BN Unicorn Co. common stock has a beta of 1.47 and is expected to pay a $2.73 dividend over the next year. The dividend is expected to grow at the constant rate of 3% per year. The risk-free rate is 1.66% and the return on the market index is 8.64%. What is the cost of new equity to the firm, in %, if the flotation costs of issuing it are 6%? (Drop the % symbol.)