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., 12.34) from new common stock?