Shanos Inc. would like to finance an experimental cost-saving procedure by issuing new common stock. The corporation's existing common stock...

Shanos Inc. would like to finance an experimental cost-saving procedure by issuing new common stock. The corporation's existing common stock currently sells for $39.99. Management believes that they can issue new common stock at this price, incurring flotation costs of 7.13% of the current market price. What is the stock's new market price (net proceeds)? Submit your answer as a percentage and round to two decimal places (Ex. 0.00%) please give step by step answer.