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The common stock for M&M Corporation currently sells for $45, and the dividend paid last year was $2.75 and is expected to grow at an annual rate of 4.0% in the future.

a. What is the estimated cost of common equity to the firm using the dividend growth model?

b. M&M's CFO has asked her financial analyst to estimate the firm's cost of common equity using the CAPM as a way of validating the earlier calculations. The risk-free rate of interest is currently 2.0 percent, the market risk premium is estimated to by 8 percent, and M&M's beta is 1.05. What is your estimate of the firm's cost of common equity using this method?