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PLEASE DO NOT USE EXCEL TO SOLVE 16. Royal Mediterranean Cruise Lines common stock is selling for $79.99 per share The last dividend was $0.66,

image text in transcribed PLEASE DO NOT USE EXCEL TO SOLVE

16. Royal Mediterranean Cruise Lines common stock is selling for $79.99 per share The last dividend was $0.66, and dividends are expected to grow at a 6% annual rate for the forseeable future Flotation costs on new stock sales are 5% of the selling price. What is the cost of Royals new common stock? Submit your answer as a percentage and round to two decimal places (Ex 0.00%)

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