Tempo Tughlaq Company's common stock dividends have

grown over the past 5-year period from $0.60 per share to

$0.89. Assume that Tempo Tughlaq's dividends are expected

to grow at this rate for the foreseeable future. Tempo Tughlaq

's stock is currently selling for $12 per share. New common

stock can be sold to net the company $11 per share.

Determine the costs of

internal

and

external

equity to Tempo

Tughlaq.