Langer Inc. is a German company with operations in Germany, Hungary and Poland. You have been given information on the breakdown of revenues and data on government bond rates and relative volatility (Std deviation of equity/Std deviation of Govt bond) in each country. (Hint: Risk exposure come from operations, not incorporation) Country Revenue (in millions) Germany Poland Hungary 500 300 200 Default Spread Equity Std Dev/Bond Std Dev 0.00% 1.00% 1.50% 1.50 1.20 1.25 Estimate the cost of equity for Langer, in Euros, assuming that it has a beta of 1.20 and the riskfree rate in Euros is 1.50%.