Using the data for a firm shown in the followingtable, calculate the cost of retained earnings and the cost of new common stock using theconstant-growth valuation model.(Click on the icon located on thetop-right corner of the data table below in order to copy its contents into aspreadsheet.)

Current market price per share	Dividend growth rate	Projected dividend per share next year	Underpricing per share	Flotation cost per share
$56.00	9%	$1.68	$2.50	$2.25

The cost of retained earnings is nothing %. (Round to two decimalplaces.)