Kellogg Company manufactures cereal and other convenience food under its many well$-$known brands such as Kellogg$$s$,$ Keebler$,$ and Cheez$-$It$.$ The company, with over $$13\mathrm{.}5$ billion in annual sales worldwide, partially finances its operation through the issuance of debt. At the beginning of its $2018$ fiscal year, it had $$8\mathrm{.}25$ billion in total debt. At the end of fiscal year $2018,$ its total debt had increased to $$8\mathrm{.}72$ billion. Its fiscal $2018$ interest expense was $$287$ million, and its assumed statutory tax rate was $21\%.$

Kellogg Company has an estimated market beta of $0\mathrm{.}85.$ Assume that the expected risk$-$free rate is $2\mathrm{.}1\%$ and the expected market premium is $5\%.$