Retained earnings versus new common stock Using the data for a firm shown in the following table, calculate the cost of retained earnings and the cost of new common stock using the constant-growth valuation model. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Current market price per share $49.00 Dividend growth rate 8% Projected dividend per share next year $3.43 Underpricing Flotation cost per share per share $2.50 $2.00 a. The cost of retained earnings is %. (Round to two decimal places.)