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(Cost of internal equity) Pathon Co.'s common stock is currently selling for $28.59. Dividends paid...

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(Cost of internal equity) Pathon Co.'s common stock is currently selling for $28.59. Dividends paid last year were $0.70 Flotation costs on issuing stock will be 11 percent of market price. The dividends and earnings por share are projected to have an annual growth rate of 8 percent. What is the cost of internal common equity for Pathon? The cost of internal common equity for Pathos 1% (Round to wo decimal places.)

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