Meckenzie Company has a price of $30 and will issue a dividend of $2.00 next yoar. It has a beta of 1.4, the risk-free rate is 5.4%, and the market rak premium is estimated to be 4.7%. a. Estimate the equity cost of eapltal for Mackenzie. b. Under the CDGM, at what rate do you need to expect Mackenzio's dividends to grow lo got the same equity cost of copital as in part (a)? a. Estimate the equity cost of capital for Mackenzie. The equity cost of capital for Mackenrie is 16. (Round to two decimal places) b. Under the CGDM, at what rate do you nend to expect Machenxie's dividends to grow to got the same equity cost of capital as in part (a)? The expected growth rate for dividends is \%. (Round to two decimal places.)