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5. a) A company has a beta of 1.20 . The risk-free rate of return is 5 percent and the market risk premium is 7 percent. Find the required rate of return on the stock (i.e., the cost of equity capital). b) The firm will pay a dividend of \\( \\$ 5.00 \\) per share next year. The firm will increase the dividend payment by \\( \\$ 0.50 \\) a share every year for the next 5 years (i.e., years 2 to 6 ). Thereafter, the dividends are expected to grow at 6 percent per year forever. What is the firm's current stock value? Use the required rate of return on the stock from (a)