Calculate the cost of issuing common stock if expected cash dividends are $$4\mathrm{.}50,$ price of the share is $$56\mathrm{.}25,$ flotation costs are $3\%,$ and the growth rate is $4\%.$

$13\mathrm{.}63\%$

$12\mathrm{.}37\%$

$8\mathrm{.}42\%$

$6\mathrm{.}42\%$