Common equity investors of Adventure Outfitter Corp. require a 15.4% return. The flotation costs of selling the stock amount to 5.1% of the selling price. The dividends are expected to grow at the 6.5% annual rate forever. Find the cost of new equity for the company, in %, to the nearest 0.01% (drop the % symbol when recording the answer). Note: Use the alternative formula for finding the cost of new equity (on the instructor's handout; the formula in the text is incorrect). Blank 1. Calculate the answer by read surrounding text.