The earnings, dividends, and stock price of Shelby Inc. are expected to grow at $5\%$ per year in the future. Shelby's common stock sells for $$20\mathrm{.}50$ per share, its last dividend was $$2\mathrm{.}00,$ and the company will pay a dividend of $$2\mathrm{.}10$ 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 $2\mathrm{.}1,$ the risk$-$free rate is $5\%,$ 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 decimal places.

c$.$ If the firm's bonds earn a return of $8\%,$ then what would be your estimate of rs using the over$-$own$-$bond$-$yield$-$plus$-$judgmental$-$risk$-$premium approach? 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.