Jiffy Co. expects to pay a dividend of $3.00 per share in one year. The current price of Jiffy common stock is $60 per share. What is the cost of internal common equity (retained earnings) if the long-term growth in dividends is projected to be 9 percent indefinitely?

Group of answer choices

a) 14 percent

b) 13 percent

c) 15 percent

d) 16 percent