The Cost of Equity and Flotation Costs

Messman Manufacturing will issue common stock to the public for $$50.$ The expected dividend and the growth in dividends are $$4\mathrm{.}00$ per share and $6\%,$ respectively. If the flotation cost is $16\%$ of the issue's gross proceeds, what is the cost of external equity, re$?$ Round your answer to two decimal places.

$\%$