The Spencer Company's next expected dividend, D1, is $3.57; its growth rate is 7%; and its common stock now sells for $38.00. New stock (external equity) can be sold to net $34.20 per share.

What is Spencer's cost of retained earnings, rs? Do not round intermediate calculations. Round your answer to two decimal places. rs = %

What is Spencer's percentage flotation cost, F? Round your answer to two decimal places. F = %

What is Spencer's cost of new common stock, re? Do not round intermediate calculations. Round your answer to two decimal places. re = %