A lumber company hired you to help estimate its cost of capital. You obtained the following data: $D_1=$$$1\mathrm{.}75$;$P_0=$$$22\mathrm{.}50$; the company' growth rate will be $3\mathrm{.}00\%($constant$)$; and equity flotaticis costs are $5\mathrm{.}00\%.$ What is the cost of equity raised by selling new common stock?

$$11\mathrm{.}19$

$$21\mathrm{.}38$

$19\mathrm{.}19\%$

$$19\mathrm{.}19$

$$23\mathrm{.}18$

$11\mathrm{.}19\%$