A firm's equity has a beta of 1.4. The risk-free rate is 3%. Last year, the aggregate market portfolio paid a dividend of $1.5 trillion. It is expected that the aggregate dividend paid by the market portfolio will grow at a rate of 3% per year, each year. forever. The current value of the aggregate market porfolio is $25 trillion. What is the cost of of equity capital for this firm? Round all intermediate calculations to 6 decimal points. Your final answer should be within 0.05% of the correct answer choice. 14.74% 15.85% 11.65% 12.39%