Jiffy Co$.$ expects to pay a dividend of $$3\mathrm{.}28$ per share in one year. The current price of Jiffy common stock is $$35\mathrm{.}13$ per share. Flotation costs are $$2\mathrm{.}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$.0\mathrm{.}00\%)$