Cajun Co.s common stock currently trades at $30.00 a share. It is expected to pay an annual dividend of $2.20 a share at the end of the year, and the constant growth rate is 6% per year. If the company issued new stock, it would incur a 9% flotation cost. What would be the cost of equity from new stock? Answer as a percentage with 2 decimals (ex. 16.61).