Royal Mediterranean Cruise Lines common stock is selling for $22 per share. The last dividend was $1.20, and dividends are expected to grow at a 6% annual rate. Flotation costs on new stock sales are 5% of the selling price. What is the cost of Royals retained earnings? a. 12.09% b. 11.45% c. 11.78% d. 5.73% The answer is NOT B