Suppose Wacken, Limited, just issued a dividend of $$2\mathrm{.}24$ per share on its common stock. The company paid dividends of $$1\mathrm{.}80,$$$1\mathrm{.}98,$$$2\mathrm{.}05,$ and $$2\mathrm{.}16$ per share in the last four years.

a$.$ If the stock currently sells for $$45,$ what is your best estimate of the company's cost of equity capital using the arithmetic average growth rate in dividends? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

a$.$ What if you use the geometric average growth rate? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

$\backslash$table$[[$a$.$ Cost of equity,$],[$b$.$ Cost of equity,$\%$