The equity beta for Santos is 1.15. Suppose the yield on 10-year Treasury bonds is 1.75%, and you estimate the market risk premium to be 7.8%. On 12 May 2021, its share price was $18.28. Suppose you expect dividends to increase at a constant rate of 5.2% per year, and you expect Santos to pay a dividend of $0.65 per share at the end of 2021. Estimate Santos cost of equity via the CAPM and Constant Dividend Growth Model.