Problem Walk-Through Banyan Co.'s common stock currently sells for $45.75 per share. The growth rate is a constant, and the company has an expected dividend yield of 4%. The expected long-run dividend payout ratio is 40%, and the expected return on equity (ROE) is 100%. New stock can be sold to the public at the current prion, but a flotation cost of 10% would be Incurred. What would be the cost of new equity? Do not round Intermediate calculations. Round your answer to the decimal places %