You are estimating a companys WACC. Its common stock has a beta of 0.66. Its common shareholders recently received a $2.55 per share annual dividend. The current yield for Government of Canada treasury bills is 2.9%. The current stock price is $36.10. In the past, the cash dividend has steadily grown at 4.3% per year. Calculate the return on equity.

Select one:

a. 11.36%

b. 11.86%

c. 11.49%

d. 11.67%

e. 11.91%