Nobax Corporation wishes to issue new common stock. The market price of its common stock is $70 per share, however, new shares can only be sold for %65. Nobax recently paid a $5 dividend and they dividends are expected to grow at 7% forever. Flotation costs are estimated at $4 per share. What is the cost of new common stock? a. 15.2% b. 14.6% c. 15.8% d. None of the above e. 16.4%