Royal Mediterranean Cruise Line's common stock is selling for $ 71.50 per share . The last dividend was $ 3.00 , and dividends are expected to grow at a 5 % annual rate for the forseeable future . Flotation costs on new stock sales are 6 % of the selling price . What is the cost of Royal's new common stock ? Submit your answer as a percentage and round to two decimal places ( Ex . 0.00 % )