Your company's stock is trading at $52 per share. Its last dividend was $4.50, and the firm is expected to grow at 7% indefinitely. Flotation costs associated with the sale of common stock are 11% of the proceeds raised. Estimate Virtucons cost of equity from retained earnings and from the sale of new stock. Round the answers to two decimal places. Enter numbers only; do not include the "%".

For retained earnings: --------? %

For new equity: --------? %