Using the data for a firm shown in the following table, calculate the cost of retained earnings and the cost of new common stock using the constant-growth valuation model.

Current Market Price for Share	Dividend Growth Rate	Projected Dividend per Share Next year	Underpricing Per Share	Flotation Cost Per Share
$53.00	9%	$3.18	$2.50	$2.50

What is the cost of retained earnings? (Round your percent to two decimal places).

What is the cost of new common stock? (Round your percent to two decimal places.)