Southern Corporation has a capital structure of $40\%$ debt and $60\%$ common equity. This capital structure is expected not to change. The firm's tax rate is $21\%.$ The firm can issue the following securities to finance capital investments:

Debt: Capital can be raised through bank loans at a pretax cost of $6\mathrm{.}4\%.$ Also, bonds can be issued at a pretax cost of $8\mathrm{.}5\%.$

Common Stock: Retained earnings will be available for investment. In addition, new common stock can be issued at the market price of $$86.$ Flotation costs will be $$4$ per share. The recent common stock dividend was $$5\mathrm{.}58.$ Dividends are expected to grow at $4\%$ in the future.

What is the cost of external equity?

PLEASE INPUT THE ANSWER IN PERCENT ROUNDING IT TO $2$ DECIMALS. DO NOT INCLUDE $\%$ SIGN, E$.$G$.,$ INSTEAD OF $9\mathrm{.}9922\%$ INPUT $9\mathrm{.}99$