Fly Emirates has common stock with a market price of $100 per share and an expected dividend of $5.61 per share at the end of the coming year. A new issue of stock is expected to be sold for $98, with $2 per share representing the underpricing necessary in the competitive capital market. Flotation costs are expected to total $1 per share. The dividends paid on the outstanding stock over the past five years are as follows:

Year	Dividend
1	$4.00
2	4.28
3	4.58
4	4.90
5	5.24

Calculate the cost of this new issue of common stock

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