Jaya Berhad has an anticipated dividend next year of RM1.90 per share. Its growth rate is 10% a year, and its existing equity share is selling for RM17 per share. New shares can be sold to the public at the same price. The company must pay its investment bankers 3% of the shares selling price. What is the value of the cost of new equity? Briefly explain your answer. (5 marks)