Given the following information about Flinstone Ltd., what is the required rate return of its ordinary shareholders? The expected growth rate of dividends is 4.5 percent, the current market price of its ordinary shares is $43.67 and the last dividend paid to the firms ordinary shareholders was $1.75.

a) 4.5 %

b) 8.00%

c) 8.69%

d) 9.51%