Eakins Inc.s common stock currently sells for $53.00 per share, the company expects to earn $3.80 per share next year, its expected payout ratio is 70%, and its expected constant growth rate is 7.00%. New stock can be sold to the public at the current price, but a flotation cost of 10% would be incurred. By how much would the cost of new stock exceed the cost of retained earnings? Do not round your intermediate calculations.