Given: Debt rate for this firm = 7% Tax rate = 24% Preferred Dividend = $4.00 Price Preferred Stock = $42.00 Common Dividends at t1 = $3.00 Price of Common Stock = $30.00 Growth rate of dividends = 5% Flotation costs = 5% of price Calculate the cost of external common equity (expressed as a percentage with one decimal i.e. xx.x%).