Aluminum maker Alcoa has a beta of about 1.98, whereas Hormel Foods has a beta of 0.3. If the expected excess return of the market portfolio is 6%, which of these firms has a higher equity cost of capital, and how much higher is it? Alcoa's equity cost of capital is %. (Round to two decimal places.) Hormel's equity cost of capital is %. (Round to two decimal places.) Therefore, has the higher equity cost of capital by percentage points. (Select from the drop-down menus and round to two decimal places.)