The eamings, dividends, and stock price of Shelby inc, are expected to grow at 4% per year in the future. Shelby's common stock selis for $24.75 per share, its last dividend was $2,00, and the company will pay a dividend of $2.08 at the end of the current year. a. Using the discounted cash fiow approach, what is its cost of equity? Round your answer to two decimal places. % b. If the firm's beta is 1.2, the risk-free rate is 3%, and the expected return on the market is 14%, then what would be the firm's cost of equity based on the CAPM approach? Round your answer to two dedimal places? % c. If the firm's bonds earn a return of 8%, then what would be your estimate of r using the over own-bond-yleld-plus-judgmental-risk-premium aboroach? Round your answer to two decimal places. (Hint: Use the midpoint of the risk premium range.) % d. On the basis of the results of parts a through c, what would be your estimate of shelby's cost of equity? Assume shelby values each approach equally. Round your answer to two decimal places