Problem $21-02$Sun Instruments expects to issue new stock at $$38$ a share with estimated flotation costs of $7$ percent of the market price. The company currently pays a $$1\mathrm{.}60$ cash dividend and has a $8$ percent growth rate. What are the costs of retained earnings and new common stock? Round

your answers to two decimal places.

Costs of retained earnings: $\%$

Cost of new common stock: $\%$