BN Unicorn Co. common stock has a beta of 1.65 and is expected to pay a $2.96 dividend over the next year. The dividend is expected to grow at the constant rate of 6% per year. The risk- free rate is 1.49% and the return on the market index is 7.78%. What is the cost of new equity to the firm, in %, to the nearest 0.01 %, if the flotation costs of issuing it are 4%? (Drop the % symbol.)