Soju Ltd is currently trading at $39, and recently paid an annual dividend of $4.5. If it is expected to pay annual dividends and maintain a retention ratio of 30% and a ROE of 8% (annually), what is the required rate of return per year based on the market price?

a. 13.94%

b. 14.22%

c. 11.54%

d. 14.55%

e. 11.82%