Browning Co. expects to earn $2.60 per share during the current year, its expected payout ratio is 50.00%, its expected constant dividend growth rate is 3.10%, and its common stock currently sells for $45.00 per share. New stock can be sold to the public at the current price, but a flotation cost of 14.00% would be incurred. What would the cost of equity from new common stock be? Select the correct answer. 6.90%, 7.34%, 6.46%, 7.12%, 6.68%