Gerdner Electric has a beta of 0.88 and an expected dividend growth rate of 4.00% per year. The T-bill rate is 4.00%, and the T-bond rate is 5.25%. The annual return on the stock market during the past 4 years was 10.25%, Investors expect the average annual future return on the market to be 12.5096. Using the 5ML, what is the firm's required rate of return? a. 11.63% b. 12.22% C. 12.52% d. 11.92% e. 11.34%