Common equity investors of Boom-n-Bust Inc. require a 19.4% return. The flotation costs of selling the stock amount to 4.4% of the selling price. The dividends are expected to grow at the 5.8% 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 that requires no net proceeds input.