Wooten Co. has a current stock price of $33.35 and is expected to pay a dividend of $2.03 at the end of next year. the company's growth rate is expected to remain constant at 9.4%. If floatation cost represent 5.% of funds raised, what is the floation-adjusted cost of new common stock?

a. 12.6%

b. 15.5%

c. 13.4%

d. 15.8%