A. Butcher Timber Company hired your consulting firm to help them estimate the cost of equity. The yield on the firm's bonds is 11.50%, and your firm's economists believe that the cost of equity can be estimated using a risk premium of 3.95% over a firm's own cost of debt. What is an estimate of the firm's cost of equity from retained earnings? a. 15.45% b. 11.95% c. 4.40% O d. 7.55% e. 7.73%