The price of ActiveWears common stock is $20 per share. The most recent dividend (D₀) was $1.85. The dividends for the previous four years were as follows:

Year - 4: 1.60

Year - 3: 1.67

Year - 2: 1.76

Year - 1: 1.81

The current yield on 10 year government bonds is 4.5% and the expected return on the overall market is 10%. The beta for ActiveWears common stock is 1.45. Its assumed that Active Wears equity premium is 4% over its bond yield. Determine the cost of ActiveWears internally generated equity based on an average of the dividend valuation, CAPM, and bond yield + risk premium approaches.