Li & Associates common stock currently trades at $60 a share. It is expected to pay an annual dividend of $1.80 a share at the end of the year (D ₁ = $1.80), and the constant growth rate is 10.1 percent a year. What is the companys cost of common equity if all of its equity comes from retained earnings?

	a.	3.30%
	b.	3.00%
	c.	13.10%
	d.	9.17%
	e.	13.40%