Q3. A company common stock currently sells for $21.00 per share, the company expects to earn $2.80 per share next year, its expected payout ratio is 25%, and its expected constant growth rate is 4.50%. New stock can be sold to the public at the current price, but a flotation cost of 11% would be incurred. How much is the cost of new stocks and how much the cost of retained earnings? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)