问题如下：
Assume that CC Inc. has a current dividend of $4 per share, $45 per share as a current price, the expected growth rate is 6% and with the flotation costs are 5%. So the cost of external equity would be accurate to?
选项：
A. 15.42%.
B. 9.92%.
C. 15.92%.
解释：
C is correct.
The cost of external equity is calculated as: $4(1+0.06) /$45(1-0.05)+0.06= 15.92%
Dividend什么时候要乘以（1+g）？什么时候不用乘？总是弄混