Which of the following is most correct with respect to the cost of retained earnings?

Select one:

a.

It is less than the cost of debt

b.

It is irrelevant to the investment/financing decision.

c.

It is equal to the cost of ordinary share equity excluding issue/flotation costs.

d.

It is equal to the cost of a new issue of ordinary shares

e.

It is equal to the cost of ordinary shares plus flotation/issue costs