Jiffy Co. expects to pay a dividend of $2.55 per share in one year. The current price of Jiffy common stock is $38.68 per share. Flotation costs are $2.85 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 4 percent indefinitely? Submit your answer as a percentage and round to two decimal places (Ex. 0.00%)