Browning Co. expects to earn $3.00 per share during the current year, its expected payout ratio is 50.00%, its expected constant dividend growth rate is 4.50%, and its common stock currently sells for $45.00 per share. New stock can be sold to the public at the current price, but a flotation cost of 14.50% would be incurred. What would the cost of equity from new common stock be?