Scotia Manufacturing has common stock that is presently trading at $31. The company paid a dividend today at $3.30 per share. The growth in dividends is 5%. If the company plans to issue a similar stock with floatation cost of 10% of the issue proceeds, what is the cost of external equity? State your answer using two decimal places. Maximum number of characters (including HTML tags added by text editor): 32,000 Show Rich-Text Editor (and character count)