ebook Banyan Co.'s common stock currently sells for $10.25 per share. The growth rate is a constant 6%, and the company has an expeded dividend yield of The expected long-run dividend payout ratio is 35%, and the expected return on equity (RO) is 0%. New stock can be sold to the public at the current price, but a flotation cost of 15% would be incurred. What would be the cost of new equity? Do not round Intermediate calculations. Round your answer to two decimal plans 96