Use the following information to compute the cost of new common stock:

Dividend This Year $=$ D$0=$ $$2\mathrm{.}72$

Dividend growth rate $=$ g $=2\mathrm{.}6\%$

Price of stock $=$ P$0=$ $$59$

Float cost per share $=$ $$3$

Enter your answer in percentage terms, but don't include the percent sign, and go out two decimal places $($e$.$g$.$ enter $6\mathrm{.}51$ for $6\mathrm{.}51\%).$