New Capital Company's common stock sells for $29 per share. It expects to pay $1.87 per share dividend during the current year (i.e. D1=$1.87). Its expected constant dividend growth rate is 5%. New stock can be sold to the public at the current price, but a flotation cost of $2.9 per share would be incurred.

What would be the cost of equity from the new issuance of common shares for New Capital Company?