The earnings, dividends, and stock price of Shelby Inc. are expected to grow at $4\%$ per year in the future. Shelby's common stock sells for $$20$ per share, its last dividend was $$2\mathrm{.}00,$ and the company will pay a dividend of $$2\mathrm{.}08$ at the end of the current year.

a$)$ Using the discounted cash flow approach, what is its cost of equity? Round your answer to two decimal places.

b$)$ If the firm's beta is $1\mathrm{.}6,$ the risk$-$free rate is $8\%,$ and the expected return on the market is $11\%,$ then what would be the firm's cost of equity based on the CAPM approach? Round your answer to two decimal places.

c$)$ If the firm's bonds earn a return of $10\%,$ then what would be your estimate of rs using the own$-$bond$-$yield$-$plus$-$judgmental$-$risk$-$premium approach? $($Hint: Use the mid$-$point of the risk premium range.$)$ Round your answer to two decimal places.

d$)$ On the basis of the results of parts a$$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.