Whitehall Camps recently paid its annual dividend of $1.42 a share. These dividend have been increasing by 2.2 percent each year and are expected to continue this trend. What is the cost of equity if the stock sells for $22.89 a share?
a.) 9.38%
b.) 7.29%
c.) 6.82%
d.) 8.54%
e.) 7.58%