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Can some do parts 1-3 with an explanation please im just not understanding this Aluminum maker Alcoa has a beta of about 1.96, whereas Hormel

Can some do parts 1-3 with an explanation please im just not understanding this image text in transcribed
Aluminum maker Alcoa has a beta of about 1.96, whereas Hormel Foods has a beta of 0.46. If the expected excess return of the market portfolio is 3%, 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.)

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