BN Unicorn Co. common stock has a beta of 1.78 and is expected to pay a $2.88 dividend over the next year. The dividend is expected to grow at the constant rate of 5% per year. The risk-free rate is 0.91% and the return on the market index is 8.32%. What is the cost of new equity to the firm, in %, if the flotation costs of issuing it are 4%? (Drop the % symbol.)