Stock in Thanksgiving Industries has a beta of 1.5. The market risk premium is 5 perce and T-bills are currently yielding 5.4 percent. The company's most recent dividend w $1.80 per share, and dividends are expected to grow at an annual rate of 6 perce indefinitely If the stock sells for $36 per share, what is your best estimate of the company's cost equity? Hint: use both approaches! (Do not round intermediate calculations and en your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Cost of equity %