SlickRock Foods had earnings before taxes of $25,000 this year. The marginal tax rate is 25%, and the dividend payout ratio is 40%. The last dividend paid was $1.35. The common stock is selling for $52 per share, and its expected dividend growth is 4%. If the firm issues new stock, the flotation cost incurred will be 9%.

What is SlickRock Foods cost of retained earnings?