Ron Industries estimates its cost of common equity by using three approaches: the CAPM, the bond-yield-plus-risk-premium approach, and the DCF model. Ron expects next year's annual dividend, D₁, to be $2.30 and it expects dividends to grow at a constant rate g = 4.2%. The firm's current common stock price, P₀, is $27.00. The current risk-free rate, r_RF, = 4%; the market risk premium, RP_M, = 5.3%, and the firm's stock has a current beta, b, = 1.2. Assume that the firm's cost of debt, r_d, is 8.24%. The firm uses a 3.3% risk premium when arriving at a ballpark estimate of its cost of equity using the bond-yield-plus-risk-premium approach.

What is the firm's cost of equity using each of these three approaches? Round your answers to 2 decimal places.

CAPM cost of equity:	Blank 1%
Bond yield plus risk premium:	Blank 2%
DCF cost of equity:	Blank 3%

What is your best estimate of the firm's cost of equity? Blank 4%. Round your answers to 2 decimal places.