Suppose Nusvo Ltd. just issued a dividend of $2.31 per share on its common stock. The company paid dividends of $1.95, $2.09, and $2.19 per share in the last three years. If the stock currently sells for $38, what is your best estimate of the company's cost of equity using the arithmetic average growth rate in dividends? 12.25% 11.52% 12.10% 11.75%