Browning Co. expects to earn $3.70 per share during the current year, its expected payout ratio is 30.00%, its expected constant dividend growth rate is 2.80%, and its common stock currently sells for $50.00 per share. New stock car be sold to the public at the current price, but a flotation cost of 10.00% would be incurred. What would the cost of equity from new common stock be? a. 5.27% b. 5.61% C. 4.59% d. 5.95% e. 4.93%