Jarett & Sons' common stock currently trades at $33.00 a share. It is expected to pay an annual dividend of $1.50 a shar

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Jarett & Sons' common stock currently trades at $33.00 a
share. It is expected to pay an annual dividend of $1.50 a share at
the end of the year (D1 = $1.50), and the constant
growth rate is 4% a year.
What is the company's cost of common equity if all of its equity
comes from retained earnings? Do not round intermediate
calculations. Round your answer to two decimal places.
%
If the company issued new stock, it would incur a 12% flotation
cost. What would be the cost of equity from new stock? Do not round
intermediate calculations. Round your answer to two decimal
places.
%
Jarrett & Sons' common stock currently sells for $49.25 per
share. The growth rate is a constant 3%, and the company has an
expected dividend yield of 3%. The expected long-run dividend
payout ratio is 50%, and the expected return on equity (ROE) is
6.0%. New stock can be sold to the public at the current price, but
a flotation cost of 15% would be incurred. What would be the cost
of new equity? Do not round intermediate calculations. Round your
answer to two decimal places.
%