Kyle is still trying to raise $5,000,000 for his new project, and he has decided that he will issue additional common stock for the necessary funds. The current price of his companys common stock is $15 per share, and the company has just paid a dividend of $0.70 per share, with an anticipated growth rate of 3%. The company will issue new shares with a flotation cost of 6%. What is the cost of this new equity issue?