Please answer both questions as they are part of the same problem. Thank you!

Banyan Co.'s common stock currently sells for $36.75 per share. The growth rate is a constant 3%, and the company has an expected dividend yield of 3%. The expected long-run dividend payout ratio is 50%, and the expected return on equity (ROE) is 6.0%. New stock can be sold to the public at the current price, but a flotation cost of 15% would be incurred. What would be the cost of new equity? Do not round intermediate calculations. Round your answer to two decimal places. 6.65 % A project has annual cash flows of $5,000 for the next 10 years and then $5,000 each year for the following 10 years. The IRR of this 20-year project is 12.81%. If the firm's WACC is 10%, what is the project's NPV? Do not round intermediate calculations. Round your answer to the nearest cent. $