Your company's stock sells for $$31$ per share, the next dividend $($D$1)$ will be $$2\mathrm{.}4,$ its growth rate is a constant $6$ percent, and the company will incur a flotation cost of $10$ percent if it sells new common stock. What is the firm's cost of new equity, re$?$

$14\mathrm{.}60\%$

$16\mathrm{.}60\%$

$15\mathrm{.}60\%$

$17\mathrm{.}60\%$

$18\mathrm{.}60\%$