Please help me with this problem - I am very new to this and I am having problem

Question

Please help me with this problem - I am very new to this and I am having problems figuring. Please be step by step specific (using a financial calculator or Excel spreadsheet if possible) or at least do specific step by step calculation so I get it. I am stumped!

Doggie Bones Inc's. common stock is selling for $22 per share. The last dividend was $1.20 and dividends are expected to grow at a 6% annual rate. Flotation costs on new stock sales are 5% of the selling price. What is the cost of Doggie Bones's Retained earnings?

Explanation / Answer

11.45% - I am answering myself because I figured it out. Thanks

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