Ferrari has reported its revenue decomposition (in %) by regions: Europe (30%), North America (30%), China (20%), and rest of the Asia-Pacific (20%). The equity risk premium by regions are as follows: Europe (6%), North America (5.5%), China (6.5%), and rest of the Asia-Pacific (9%). If the relevant risk-free rate is 3% and the systematic risk of Ferrari is 1.5, what is the cost of equity of Ferrari? Select one: A. 12.8% B. 15.3% C. 13.1% D. 11.0%