Mackenzie Company has a price of $$$$32\mathrm{.}43$ and will issue a dividend of $$$$2\mathrm{.}20$ next year. It has a beta of $1\mathrm{.}35,$ the$$ risk$-$free rate is $5\mathrm{.}84\%,$ and the market risk premium is estimated to be $4\mathrm{.}88\%.$

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

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