Jiffy Co. expects to pay a dividend of $4.45 per share in one year. The current price of Jiffy common stock is $33.51 per share. Flotation costs are $4.75 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 5 percent indefinitely? Submit your answer as a percentage and round to two decimal places