New Capital Company's common stock sells for $63 per share. It expects to pay $1.25 per share dividend during the current year (i.e. D1=$1.25). Its expected constant dividend growth rate is 9%. New stock can be sold to the public at the current price, but a flotation cost of $3 per share would be incurred. What would be the cost of equity from the new issuance of common shares for New Capital Company? (Express your answer in % and round to the second decimal place. For example, if your answer is 0.1234, write it as 12.34 and leave out the percentage sign.)