If the dividend to be paid on a share of common stock is $$3\mathrm{.}8$ per share at $t_1,$ and the price of the stock is $$48,$ the growth rate of Dividend is projected as $3\%,$ and the underwriting fee is $5\%$ of the stock price. Calculate the cost of new equity.

Put the answer as a percentage up to $2$ decimals. For example if the answer is $10\mathrm{.}45\%,$ enter $10\mathrm{.}45$