Nine Point Industries has a capital structure of 40% debt and 60% common equity. This capital structure is expected not to change. The firm's tax rate is 21%. The firm can issue the following securities to finance capital investments: Debt: Capital can be raised through bank loans at a pretax cost of 8.8%. Also, bonds can be issued at a pretax cost of 7.7%. Common Stock: Retained earnings will be available for investment. In addition, new common stock can be issued at the market price of $65. Flotation costs will be $3 per share. The recent common stock dividend was $3.11. Dividends are expected to grow at 5% in the future. What is the firm's cost of external equity? SET YOUR CALCULATOR TO 4 DECIMAL PLACES. PLEASE INPUT THE ANSWER IN PERCENT ROUNDING IT TO 2 DECIMALS. DO NOT INCLUDE % SIGN, E.G., INSTEAD OF 9.9900% INPUT 9.99 Nine Point Industries has a capital structure of 40% debt and 60% common equity. This capital structure is expected not to change. The firm's tax rate is 34%. The firm can issue the following securities to finance capital investments: Debt: Capital can be raised through bank loans at a pretax cost of 5.5%. Also, bonds can be issued at a pretax cost of 9.4%. Common Stock: Retained earnings will be available for investment. In addition, new common stock can be issued at the market price of $71. Flotation costs will be $3 per share. The recent common stock dividend was $8.80. Dividends are expected to grow at 6% in the future. What is the cost of capital if the firm uses bones and issues new common stock? SET YOUR CALCULATOR TO 4 DECIMAL PLACES. PLEASE INPUT THE ANSWER IN PERCENT ROUNDING IT TO 2 DECIMALS. DO NOT INCLUDE % SIGN, E.G., INSTEAD OF 9.9911% INPUT 9.99