If the dividends to be paid on a share of common stock are $$4$ per share at $t_1,$ and the price of the stock is $$45,$ the flotation costs are $6\%$ of the issue price. Calculate the cost of new equity.

$16\mathrm{.}5\%$

$16\%$

$0\mathrm{.}165\%$

$1\mathrm{.}65\%$