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

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. Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $86.50, but flotation costs will be 5% of the market price, so the net price will be $82.18 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places. %