jions Problem 10.13 (Cost of Common Equity with Flotation) 4 Question 8 of 20= Check My Work (3 remaining) Banyan Co.'s common stock currently sells for $49.75 per share. The growth rate is a constant 7%, and the company has an expected dividend yeid of 3%. The expected long-rum dividend payout ratio is 30%, and the expected return on equity (ROE) is 10.0%. New stack can be sold to the public at the current price, but a flotation cost of 10% would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two fecimal places