Fuzz Co has a stock with a beta of 1.80, the current risk-free rate is 3 percent, and the market risk premium is 6 percent. The firm also expects to pay dividend of $3.00 at the end of the year and its stock price is $40 per share, this dividend is growing at 9 percent per year. It's bond holders require a 9.5 percent return, and investors require an extra 5 percent return to invest in common stock rather than bonds. Assuming Fuzz chooses the highest estimate, what is its cost of equity? a. 17.20% O b. 16.50% c. 14.93% d. 14.50% e. 13.80%