The mungle imvestment commltee at Gringotts bunk is evaluating the stock of several comparies to add to their portfolio. The common stock of ane of the companies is currently priced at $64.64 a share. The campany has fust paid \$3.94 per share as its annual dividend. The dividends have been increasing by 10% percent annually and are expected to continue doing the same. What is this firm's cost of equity? (Answer as a percentage and round to 2 decimals.) a. 16.70% b. 12.82% c. 22.13% d. 11.36% e. 22.09%