PLEASE PROVIDE A DETAILED STEP BY STEP WALKTHROUGH AND THE FORMULAS TO DO IT IN EXCEL. PLEASE BE VERY DETAILED AND EXPLAIN EVERYTHING HOW YOU GOT TE NUMBERS ETC.

suppose Hornsby, Ltd. just issued a dividend of $1.65 per share on its common stock. The company paid dividends of $1.24, $1.33, $1.44, and $1.53 per share in the last four years. If the stock currently sells for $55, what is your best estimate of the company's cost of equity capital using arithmetic and geometric growth rates?