The latest annual dividend paid by EPSILON was 4 per share and is expected to both the benefits and dividends grow at a steady rate of 8%. The selling price of the stock today is 50 per share. The unlevered company's beta is 1.5, the return of the market portfolio is 12% and the risk-free rate is 8%. The bonds of this company have an A rating, which means a risk premium of 4%. Calculate the cost of capital of the company using:

a) The Gordon model.

b) Modigliani and Miller.

c) The Capital Asset Pricing Model.