Builtrite's common stock is currently selling for $65 a share and the firm just paid an annual dividend of $2.20 per share.Management believes that dividends and earnings should grow at 8% 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)?

Group of answer choices

7.46%

11.3%

11.7%

7.69%