Toombes,Inc.is issuing new common stock at a market price of $55.Dividends last year were $3.30 per share and are expected to grow at a rate of 6%.Flotation costs will be 5% of the market price.What is Toombes' cost of retained earnings,and new equity,respectively?

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The Answer of Toombes,Inc.is issuing new common stock at a market price of $55.Dividends last year were $3.30 per share and are expected to grow at a rate of 6%.Flotation costs will be 5% of the market price.What is Toombes' cost of retained earnings,and new equity,respectively?