ABC's common stock is currently selling for $40 per share. The dividend expected to be paid at the end of the coming year is $5. Its dividend payments have been growing at a constant rate for the last 5 years. 5 years ago, the dividend was $3.2. It is expected that to sell, a new common stock issue must be underpriced by $2 per share in floatation costs and a new common stock must be underderpriced $1 per share. What is the firm's cost of a new issue of common stock? show the calculation in detail and formula.