Which statement is true regarding New Common Equity and Equity from Retained Earnings

	a.	Equity from Retained Earnings is more expensive than Equity from New Shares
	b.	Flotation costs should be included in computing cost of equity, regardless of whether it is from new shares or retained earnings
	c.	New equity will have a higher cost than equity from retained earnings due to flotation costs.
	d.	The WACC when equity is from retained earnings is higher than the WACC when equity is from selling new shares
	e.	Flotation Costs must be factored in when calculating the cost of Equity from Retained Earnings.