11. The following financial information is available on Global Enterprises: Current per share market price: $12.25 Current (t = 0) per share dividend: $2.00 Expected long-term growth rate: 9.5% Global can issue new common stock to net the company $10.50 per share. Determine the cost of external equity capital using the dividend capitalization model approach (i.e., constant dividend growth valuation model). A. 30.36%

B. 28.55%

C. 27.38%

D. 25.83%