On 30 June 2022, Trojan Ltd announced that the company's annual EPS was $1.10 and the annual DPS was $0.55 for the financial year just ended. Analysts expect that Trojan's EPS will continue to grow at 3% in perpetuity. Trojan has a payout ratio of 50% and expects that this will continue to be the case in perpetuity. If the current share price on 30 June 2022 of Trojan is $7.08, what is Trojan's implied required rate of return on equity? O a. 12% O b. 8% O c. 11% O d. 10% O e. 9%