DE Inc.'s current (and optimal) capital structure is 40% debt, 10% preferred stock, and 50% common equity. CDE is in the 40% tax bracket. The company can issue up to $20,000,000 in new bonds at par with a 7% coupon rate; any subsequent amount must carry a 2% premium, to compensate investors for added risk. The firm has $21,000,000 in retained earnings for the current period. CDE's common stock trades at $92 per share and the expected dividend on the common stock at t1 is $3. Floatation costs on a new common stock issue is $2 per share. The company is growing at 10% per year. What is the cost of equity from new common stock? If the answer is 10.45%, enter 10.45