Sunny day manufacturing company has a current stock price of $33.35 per share and it's expected to pay a per share dividend of $2.03 at the end of next year. The company's earnings and dividends growth rate are expected to grow at the constant rate of 8.70 % into the foreseeable future. if sunny day expects to incur flotation costs of 3.750% of the value of its newly raised equity funds, then the flotation adjusted cost of its new common stock should be

A 12.77

B 12.02

C 15.02

D 14.79