关于发行成本对收益率的影响 growth, equity, common, company, expected

optiix

A company intends to issue new common stock wiht flotation costs of 3.2% per share.the expected dividend next year is 0.32, growth rate is 10%, assuming the shares are issued at a price of 14.69,the cost of external equity for the firm is:
a.12.18, b.12.25, c.12.48
为什么选b呢？notes上不是说把发行成本从股价里减掉是错误的做法吗？谢谢。

liquidity

同学您好： 您能把该题目的出处给标明一下吗？