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(Cost of internal equity) Pathos Co.'s common stock is currently selling for $28.08. Dividends paid last year were $0.60. Flotation costs on issuing stock will

(Cost of internal equity) Pathos Co.'s common stock is currently selling for $28.08. Dividends paid last year were $0.60. Flotation costs on issuing stock will be 11 percent of market price. The dividends and earnings per share are projected to have an annual growth rate of 8 percent. What is the cost of internal common equity for Pathos?

The cost of internal common equity for Pathos is ___?

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