Trahern Baking Co. common stock sells for $36.15 per share. It expects to earn $4.00 per share during the current year, its expected dividend payout ratio is 65%, and its expected constant dividend growth rate is 8.0%. New stock can be sold to the public at the current price, but a flotation cost of 4.5% would be incurred. What would be the cost of equity from new common stock?

		19.57%
		21.08%
		21.70%
		15.78%
		14.05%