Consider the case of Turnbull Co$.$

Turnbull Co$.$ has a target capital structure of $45\%$ debt, $4\%$ preferred stock, and $51\%$ common equity. It has a before$-$tax cost of debt of $11\mathrm{.}1\%,$ and its cost of preferred stock is $12\mathrm{.}2\%.$

If Turnbull can raise all of its equity capital from retained earnings, its cost of common equity will be $14\mathrm{.}7\%.$ However, if it is necessary to raise new common equity, it will carry a cost of $16\mathrm{.}8\%.$

If its current tax rate is $25\%,$ how much higher will Turnbull$$s weighted average cost of capital $($WACC$)$ be if it has to raise additional common equity capital by issuing new common stock instead of raising the funds through retained earnings? $($Note: Round your intermediate calculations to two decimal places.$)$