Pepper Inc.s common stock currently sells for $15.00 per share, the company expects to pay $1.925 dividend in the coming year and it expects the dividend to grow at a constant growth rate of 6.00%. New stock can be sold to the public at the current price, but a flotation cost of 8% would be incurred. By how much would the cost of new stock exceed the cost of retained earnings? Do not round your intermediate calculations