How would this be solved WITHOUT excel

LePage Co. expects to earn $2.00 per share during the current year, its expected payout ratio is 50%, its expected constant dividend growth rate is 5.50%, and its common stock currently sells for $31.00 per share. New stock can be sold to the public at the current price, but a flotation cost of 5% would be incurred. What would be the cost of equity from new common stock? a. 8.90% b. 9.40% c. 8.23% d. 8.73%