Ford Motor Company wants to issue 100,000 shares of common stock to raise capital for the production of a new line of electric cars. Each share of common stock will sell for $39 per share and will pay a dividend of $3.5 per year. Brokerage fees are 3% and the company has a tax rate of 21%. The company has been growing at an average of 6% per year, which is expected to continue. What is the cost of capital of this common stock? (note: round your answer to two decimal places; do not include spaces or dollar signs; If your answer is 15.34%, write 15.34, not 0.1534 )