Ballack Co.'s common stock currently sells for $48.25 per share. The growth rate is a constant 9%, and the company has an expected dividend yield of 4%. The expected long-run dividend payout ratio is 30%, and the expected return on equity (ROE) is 14%. New stock can be sold to the public at the current price, but a flotation cost of 15% would be incurred. What would the cost of new equity be? Round your answer to two decimal places.