Today, Chinwe Inc expects to pay a dividend of $4.85 per share, this dividend is expected to grow at a rate of 3% per year. Chinwes stock currently sells for $30 per share. Chinwe wants to raise money by offering brand new equity that comes with a 10% flotation cost, what is Chinwes cost of equity?

		15.6%
		19.2%
		21.5%
		13.9%
		19.7%