Given the following information, estimate the cost of equity for XYZ : - An all-equity firm XYZ has a beta of 2.5. - The risk free rate is 3% and the market risk premium is 6% Cost of equity % Given the following information and the cost of equity estimated, calculate the implied share price for XYZ : - paid a dividend of $1 recently - The dividends is expected to increase by 10% in year one and by 15% in year two - After that, dividends will increase at a rate of 5% per year indefinitely Implied share price $ Round your final answer to two decimals