Tanrun Inc. is expected to pay an annual dividend of $0.45 per share in one year. Analysts expect the firm's dividends to grow by 4% forever. Its stock price is $37.6 and its beta is 0.7. The risk-free rate is 2% and the expected market risk premium is 4.5%. IB Attempt 1/8 for 10 pts. Part 1 What is the best guess for the cost of equity? 3+ decimals Submit Pfizer is expected to pay an annual dividend of $1.85 one year from now. Dividends are expected to grow by 3.4% every year and the current stock price is $258. The company is in the process of issuing new common stock, with flotation costs of $2.5 per share. Attempt 1/8 for 10 pts. Part 1 What is the cost of new common stock? 4+ decimals Submit