Lexington has a marginal tax rate of 21%. The firm recently paid a cash dividend of $4.00 to its common stockholders. Earnings and dividends are expected to grow at 5% per year for the foreseeable future. If the firm issues new common stock, the shares should sell for $61 each. Flotation costs will amount to $4.00 per share. What would be the firm's cost of external equity? SET YOUR CALCULATOR TO 4 DECIMAL PLACES AND ROUND TO 2 DECIMAL PLACES AT THE END. DO NOT ENTER THE % SIGN. IF YOUR ANSWER IS 7.7011%, FOR EXAMPLE, ENTER 7.70.