3. The Down and Out Co. just issued a dividend of $2.06 per share on its common stock. The company is expected to maintain a constant 4 percent growth rate in its dividends indefinitely. if the stock sells for $50 a share, what is the company's cost of equity? (Do not round your intermediate calculations) a. 4.36% b. 8.12% c. 8.7% d. 7.87% e. 8.28%