Jarett \&. Sons' commion stock currently trades at $36.00 a share. It in expected to pay an annual dividend of $2.25 a share at the end of the yoar (D and the constant growth rate is 5% 7 year, 2. What is the company's cost of common equity if all of its equity comes from retained earnings? Do not round intermediate calculations. Round your answer to two decimal placas. b. If the company issued new stock, it would incur an 11% flotation cost. What would be the cost of equity frem new stock? Do not round intermediate calculations. Round yout answer to two decimal places