The below table gives the information for Cupcake War Inc. from 2002 to 2021.

Based on the information below: - Australian Government 10-year bond yield, currently 2.35% - Australian Government 20-year bond yield, currently 3.14% - Australian Government 30-year bond yield, currently 3.59% - Beta of Cupcake War Inc. in 2002 is 0.95, whereas in 2021 it is 1.25 - Average market return of Australian market in 2002 and 2021 is 12% and 14%, respectively Based on the figures above estimate the cost of equity of Cupcake War Inc. in 2021 using the CAPM model.

Fiscal Year	Total Divdend ($)	Share price ($)
2001	14.903	9
2002	12.033	11
2003	12.033	24.75
2004	21.356	36.125
2005	21.789	36.125
2006	9.052	41.375
2007	3.573	53.625
2008	4.897	35.25
2009	9.4	53.625
2010	12.3	58
2011	0	48.375
2012	0	70.5
2013	0	67.5
2014	60	67
2015	56	53.25
2016	5	74.25
2017	0	88.125
2018	0	128.5
2019	0	59.375
2020	0	72.58
2021	0	84.58