Gregg Company expects to earn $$4$ per share this year with an expected dividend payout ratio of $43\%.$ Future income and dividends are expected to grow at a constant rate of $5\%,$ and its common stock currently sells for $$83$ per share. New stock can be issued with a flotation cost of $6\%.$ What would be the cost of equity $($in percentage terms, rounded to two decimal places, e$.$g$.,12\mathrm{.}34)$ from new common stock?