After $3.00 in flotation costs are taken into account, the firm expects to net $52 per share on new issues of common stock. The firm expects to pay $3.40 dividends. The past dividends are as follows:

YEAR:       DIVIDEND:

2023           $3.10

2022           $2.92

2021            $2.60

2020           $2.30

2019           $2.00

a.) What is the growth rate in dividends?

b.) What is the cost of retained earnings? (Remember, No Flotation Costs)? 

c.) What is the cost of common stock?