The earnings and dividends of Chang Enterprises, Inc. are expected to grow at 3% per year for the foreseeable future. The last annual dividend (Dt=0) was $4.00. The firm's marginal tax rate is 21%. The firm's investment bankers believe that new shares of common stock could be sold for $30 per share, but would charge flotation cost of 4%. Based on this information, what is your best estimate of the firm's cost of funding from new common stock? Select one: a. 14.31% b. 13.33% C. 21.39% d. 19.67% e. 20.17%