Muber intends to issue new common stock. The stock is currently trading at $$23\mathrm{.}00$ per share and the dividend this year was $$1\mathrm{.}20.$ You know that dividends are expected to grow at rate of $2\mathrm{.}5\%.$ If Muber anticipates to pay $3\mathrm{.}00\%$ per share in flotation costs, what is the cost of equity? Use the dividend growth model to determine the cost of equity.