Turkish Airlines Inc.'s common stock currently sells for $15.00 per share the company expects to earn $2.75 per share during the current year, its expected payout ratio is 70%, and its expected constant growth rate is 6.00%. New stock can be sold to the public at the current price, but a flotation cost of 8% would be incurred. By how much would the cost of new stock exceed the cost of retained earnings? Do not round your intermediate calculations 0.78% 1.12% 0.67% 1.45% 0.89%