Calculate the required rate of return on equity based on the following information. From year 2013 onward growth in FCFE is expected to remain constant at 5% per year. The stock has a beta of 1.1 and the current market price is $80. Currently the yield on 3-month Treasury bills is 5% and the equity market risk premium is 4%. The firm can raise debt at a pre-tax cost of 9%. The tax rate is 25%. The proportion of equity is 55% and the proportion of debt is 45%. Select one: a. 8.2% O b. 9.4% c. 9.0% d. 10.3% e. 7.3%