Aluminum maker Alcoa has a beta of about 2.0, whereas Hormel Foods has a beta of 0.45. If the expected excess return of the market portfolio is 5%, which of these firms has a higher equity cost of capital, and how much higher is it?

What is Alcoa's equity cost of capital is []%. (Round to two decimal places.)

Which of these firms has a higher equity cost of capital, and how much higher is it?