Lee's Food Fair's stock has a beta value of 1.5. Last year, the company paid a dividend of $2.30, and it expects a constant growth rate of 5% in dividends per share, earnings and stock price. Assume that the current risk-free rate is 7% and the market risk premium is 6%. Required: i) Calculate the required rate of return for the stock. (5 marks) ii) What is the equilibrium price of the stock