The Dybvig Corporations common stock has a beta of 1.5. If the risk-free rate is 4.6 percent and the expected return on the market is 12 percent, what is Dybvigs cost of equity capital? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Cost of equity capital % Can someone please help. The answer on chegg 22.6% is incorrect. Help please!