Li Holding Company paid a dividend yesterday of $$3$ per share $($D$0=$ $$3).$ The dividend is expected to grow at a constant rate of $5\%$ per year. The price of Li's stock today is $$22$ per share. If Li decides to issue new common stock, flotation costs will equal $$2$ per share. Li's marginal tax rate is $40\%.$ Based on the above information, the cost of new common stock is: