Ross Textiles wishes to measure its cost of common stock equity. The firm's stock is currently selling for $$70\mathrm{.}67.$ The first just recently paid a dividend of $$4,$ and future dividends are expected to increase by $6\%$ a year. After flotation costs, the firm expects to net $$69$ per share on a new issue.

Calculate its cost of common equity with and without flotation costs.