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African Queen River Tours, Inc. has capitalized on the renewed interest in riverboat travel. Charlie Allnut, the lone financial analyst, estimates the firm's earnings, dividends, and stock price will continue to grow at the historical 3.6% rate. AQRT's common stock is currently selling for $30 per share. The yearly dividend previously paid was $1.6. The rate of return expected on the overall stock market is 10.9%. If they issue new common stock today and pay flotation costs of \$2 per share, what is the cost of the new common equity for AQRT