Empire Electric Company (EEC) uses only debt and common equity. It can borrow unlimited amounts at an interest rate of -10% as long as Rances at its target capital structure, which calls for 40% debt and 60% common equity. Its last dividend (De) was $3.10, is expected constant growth rate is 5%, and its common stock sells for $29. FEC tax rate 25%. Two projects are available: Project Aras a rate of return of 15%, and Project B's return is 8%. These two projects are equally risky and about risky as the firm's existing sets. What is its cost of common equity? Do not round intermediate calculations, Round your answer to two decimal places 5. What is the WACC) Do not round intermediate calculation. Round your anwer to two decimo ploom. c. Which projects should Empire accept