eBook Banyan Co.'s common stock currently sells for $44.50 per share. The growth rate is a constant 4%, and the company has an expected dividend yield of 3%. The expected long-run dividend payout ratio is 35%, and the expected return on equity (ROE) is 7%. New stock can be sold to the public at the current price, but a flotation cost of 5% would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two decimal places. % eBook Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at rd = 11%, and its common stock currently pays a $2.00 dividend per share Do = $2.00). The stock's price is currently $22.25, its dividend is expected to grow at a constant rate of 7% per year, its tax rate is 35%, and its WACC is 13.40%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places. %