eBook Problem Walk-Through Banyan Co.'s common stock currently sells for $47.75 per share. The growth rate is a constant 3%, and the company has an expected dividend yield of 6%. The expected long-run dividend payout ratio is 50%, and the expected return on equity (ROE) is 6.0%. 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 Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $88.00, but notation costs will be 9% of the market price, so the net price will be $80.08 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places