Eakins Inc's common stock currently sells for $45.00 per share, the company expects to earn $2.75 per share during the current year, its expected payout ratio is 70%, and its expected constant growth rate is 6%. New stock can sold to the public at the current price, but a flotation cost of 8% would be incurred. By how much would the cost of equity (%) of the new stock exceed the cost of equity of retained earnings?