Suppose Micro.com issues new common stock that has a par value of $1. Suppose further that the stock is issued at $40 a share, where Micro.com receives $38 for each share. If the current dividend of Micro.com common stock is $2 per share and is expected to grow at a rate of 15% per year, what is the cost of external equity for Micro.com if the marginal tax rate is 40%? Group of answer choices 14% < cost of external equity < 15% cost of external equity < 14% 16% < cost of external equity < 17% 17% < cost of external equity 15% < cost of external equity < 16%