A company's stock has a beta of 12 and currently sells for $75 per share. The company just paid a dividend of $4 and future dividends are expected to grow at 2% annually. Assume the risk-free rate is 3.75% and the expected return on the market is 8.5%. What is the company's cost of equity capital? Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39. Numeric Response A company has 800,000 shares of stock outstanding that sell for $15.25 per share. The company has a beta of 1.15. Assume the risk-free rate is 3%, the market risk premium is 7%, and the corporate tax rate is 35%. What is the market value of this company's equity? Do not round Intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50. Numeric Response