A firm's stock is selling for $$89.$ The next annual dividend is expected to be $$3\mathrm{.}00.$ The growth rate is $9\%.$ The flotation cost is $$6.$ What is the cost of retained earnings?

Note: Round your answer to $2$ decimal places.

Multiple Choice

$11\mathrm{.}02\%$

$12\mathrm{.}37\%$

$13\mathrm{.}82\%$

$10\mathrm{.}22\%$