In order to meet their capital needs for next year a firm will need to sell some additional shares of their Class A Common Stock. Flotation costs are estimated to be $2.75 per share. Class A shares currently trade at $70.00 and most recently paid a dividend of $7.00 per share. The firm expects to grow at a constant 5.00% for the foreseeable future. Calculate the firm's cost of common equity from new shares. Select one: a. 15.93% b. 15.50% c. 15.00% d. 15.41%