The future earnings, dividends, and common stock price of Callahan Technologies Inc. are expected to grow 4% per year. Callahan's common stock currently sells for $20.50 per share; its last dividend was $1.50; and it will pay a $1.56 dividend at the end of the current year. Using the DCF approach, what is its cost of common equity? If the firm's beta is 1.00, the risk-free rate is 8%, and the average return on the market is 12%, what will be the firm's cost of common equity using the CAPM approach? If the firm's bonds earn a return of 12%, based on the bond-yield-plus-risk-premium approach, what will be rs? Use the midpoint of the risk premium range discussed in Section 10-5 in your calculations. If you have equal confidence in the inputs used for the three approaches, what is your estimate of Callahan's cost of common equity?