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Jiffy Co . expects to pay a dividend of $ 3 . 2 8 per share in one year. The current price of Jiffy common

Jiffy Co. expects to pay a dividend of $3.28 per share in one year. The current price of Jiffy common stock is $35.13 per share. Flotation costs are $2.14 per share when Jiffy issues new stock. What is the cost of internal common equity (retained earnings) if the long-term growth in dividends is projected to be 8 percent indefinitely? Submit your answer as a percentage and round to two decimal places (Ex.0.00%)

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