Ballack Co.'s common stock currently sells for $48.50 per share. The growth rate is a constant 10%, as well as the company has an expected dividend yield of 3%. The expected long-run dividend pay-out ratio is 30% and the expected return on equity (ROE) is 12%. New stock can be sold to the public at the current price however a flotation cost of 5% would be incurred. What would the cost of fresh equity be?