Problem 9-3 (similar to) Question Help (Cost of equity) Brille Corporation is issuing new common stock at a market price of $29. Dividends last year were $1.80 and are expected to grow at an annual rate of 8 percent forever. Flotation costs will be 9 percent of market price. What is Brille's cost of equity? Brille's cost of external common equity is (Round to two decimal places.)