Brookes Corporation has an expected dividend (D_1) of $1.60, a current stock price (P_0) of $40, and a constant growth rate of 6.7%. If new common stock is issued, the company will incur flotation costs of 6%. What is the company's cost of retained earnings? Your answer should be between 9.28 and 12.82, rounded to 2 decimal places, with no special characters