BN Unicorn Co. common stock has a beta of 1.6 and is expected to pay a $2.92 dividend over the next year. The dividend is expected to grow at the constant rate of 4% per year. The risk-free rate is 0.67% and the return on the market index is 7.41%. What is the cost of new equity to the firm, in %, to the nearest 0.01%, if the flotation costs of issuing it are 7%? (Drop the % symbol.)