Builtrites common stock is currently selling for $46 a share and the firm just paid an annual dividend of $1.90 per share. Management believes that dividends and earnings should grow at 9% annually. Based on this, and a marginal tax rate of 34%, what is the cost of common stock (also known as the cost of retained earnings)?

A) 13.1%

B) 8.65%

C) 8.91%

D) 13.5%