Acort Industries has $9$ million shares outstanding and a current share price of $$47$ per share. It also has long$-$term debt outstanding. This debt is risk free, is four years away from maturity, has an annual coupon rate of $6\%,$ and has a $$102$ million face value. The first of the remaining coupon payments will be due in exactly one year. The riskless interest rates for all maturities are constant at $3\mathrm{.}6\%.$ Acort has EBIT of $$91$ million, which is expected to remain constant each year. New capital expenditures are expected to equal depreciation and equal $$11$ million per year, while no changes to net working capital are expected in the future. The corporate tax rate is $23\%,$ and Acort is expected to keep its debt$-$equity ratio constant in the future $($by either issuing additional new debt or buying back some debt as time goes on$).$ a$.$ Based on this information, estimate Acort's WACC. b$.$ What is Acort's equity cost of capital? Show how to solve in both formula and in Excel.