Smith Technologies Corporation has a constant growth rate of 3% per year and its stock currently sells for $27 a share. The last dividend was $1.50. The firms beta is 1.3, the risk-free rate is 4%, and the average return on the market is 8%. Using the discounted cash flow method (or discounted dividend), what is the estimated cost of common equity? Using the CAPM approach, what is the estimated cost of common equity?