Future Gadgets Inc. expects to pay a dividend of $3.52 per share in one year. The current price of Future Gadgets' common stock is $44.43 per share. Flotation costs for issues of new common stock are 10% of market price. What is the cost of internal common equity (retained earnings) if the long-term growth in dividends is projected to be 3 percent indefinitely? Submit your answer as a percentage and round to two decimal places (Ex. 0.00%