Mackenzie Company has a price of $ $31$ and will issue a dividend of $ $2\mathrm{.}00$ next year. It has a beta of $1\mathrm{.}6,$ the$$ risk$-$free rate is $5\mathrm{.}6\%,$ and the market risk premium is estimated to be $5\mathrm{.}2\%.$

a$.$ Estimate the equity cost of capital for Mackenzie.

b$.$ Under the$$ CDGM$,$ at what rate do you need to expect$$ Mackenzie's dividends to grow to get the same equity cost of capital as in part $($a$)?$