Amarindo, Inc. (AMR), is a newly public firm with 9.5 million shares outstanding. You are doing a valuation analysis of AMR. You estimate its free cash flow in the coming year to be $15.35 million, and you expect the firm's free cash flows to grow by 4.1% per year in subsequent years. Because the firm has only been listed on the stock exchange for a short time, you do not have an accurate assessment of AMR's equity beta. However, you do have beta data for UAL, another firm in the same industry: . AMR has a much lower debt-equity ratio of 0.39, which is expected to remain stable, and its debt is risk free. AMR's corporate tax rate is 20%, the risk-free rate is 4.9%, and the expected return on the market portfolio is 11.3%. a. Estimate AMR's equity cost of capital. b. Estimate AMR's share price. Data table a. Estimate AMR's equity cost of capital. (Click on the following icon