The common stock for the Bestsold Corporation sells for $64. If a new issue is sold, the flotation costs are estimated to be 11 percent. The company pays 80 percent of its earnings in dividends, and a $4.80 dividend was recently paid. Earnings per share 4 years ago were $4.00. Earnings are expected to continue to grow at the same annual rate in the future as during the past 4 years. The firm's marginal tax rate is 34 percent. Calculate the cost of (a) internal common equity and (b) external common equity.