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CrummerTech's common stock currently sells for $45.00 per share, the company expects to eam $3.00...

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CrummerTech's common stock currently sells for $45.00 per share, the company expects to eam $3.00 per share during the current year, its expected dividend payout ratio is 70% and its expected constant growth rate is 5%. New stock can be sold to the public at the current price, but a flotation cost of 10% would be incurred. By how much would the cost of new stock exceed the cost of common equity from reinvested learnings

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