Musical Charts just paid an annual dividend of $1.84 per share. This dividend is expected to increase by 2.1 percent annually. Currently, the firm has a beta of 1.12 and a stock price of $31 a share. The risk-free rate is 4.3 percent, and the market rate of return is 12.3 percent. What is the cost of equity capital for this firm? a. 13.28% b. 11.21% c. 12.29% d. 11.95% e. 10.71%