3. Biogen Inc., as biotechnology firm, had a beta of 1.70 in 1995. It had no debt outstanding at the end of that year. The equity risk premium is 5.01% a. Estimate the cost of equity for Biogen, if the treasury bond rate is 6.4% b. What effect will an increase in long term bond rates to 75% have on Biogen's cost of equity? c. How much of Biogen's risk can be attributed to business risk