Wiley Company's common stock price is $$26.$ The company just paid a dividend of $$2\mathrm{.}3$ and expected it will increase at a constant growth rate of $3\mathrm{.}1$ percent. If the company issued new stock, it would incur a $16$ percent floatation cost. What would be the cost of equity from new stock? $($Answer in $\%.$ Example, if you answer is $12\mathrm{.}45\%,$ input $12\mathrm{.}45,$ not $0\mathrm{.}1245)$