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2.1 Santos Bank is a Spanish bank that derives all of its revenues from commercial banking. The average beta for European banks is 1.20. The German 10-year Euro bond rate is 2% and the Spanish 10-year Euro bond rate is 5%. If the equity risk premium for mature markets is 5% and Spanish equities are 1.5 times more risky than the Spanish Government bond, estimate the cost of equity in Euros for Santos Bank. 2.2 Faraday Enterprises is a publicly traded company. It currently has 10 million shares trading at $12/share and $150 million in book value of equity. The firm also has book value of debt of $ 75 million and market value of debt of $ 80 million. The cost of equity for the company is 996, the pre-tax cost of debt is 4% and the marginal tax rate is 40%. what is the cost of capital