$($Cost of equity$)$ The common stock for the Bestsold Corporation sells for $$$$57.$ If a new issue is$$ sold, the flotation costs are estimated to be $12$ percent. The company pays $80$ percent of its earnings in$$ dividends, and a $$$$6\mathrm{.}40$ dividend was recently paid. Earnings per share $6$ years ago were $$$$6\mathrm{.}00.$ Earnings are expected to continue to grow at the same annual rate in the future as during the past $6$ years. The$$ firm's marginal tax rate is $33$ percent. Calculate the cost of $($a$)$ internal common equity and $($b$)$ external common equity.

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Part $1$

a$.$ What is the$$ firm's cost of internal common$$ equity?

enter your response here$\%($Round to two decimal$$ places.$)$

Part $2$

b$.$ What is the$$ firm's cost of external common$$ equity?