Expected cash dividends are $$2\mathrm{.}00,$ the dividend yield is $7\%,$ flotation costs are $7\%$ of price, and the growth rate is $3\%.$ Compute the approximate cost of new common stock.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Multiple Choice

$10\mathrm{.}28\%$

$11\mathrm{.}53\%$

$12\mathrm{.}63\%$

$10\mathrm{.}53\%$