The yield on a three-month T-bill is 4%, the yield on a 10 -year T-bond is 5.36%. The market risk premium is 10.18% and the Roosevelt Company has a beta of 1.25. Using the Capital Asset Pricing Model (CAPM) approach, Roosevelt's cost of equity is The cost of equity using the bond yield plus risk premium approach 18.09% 18.99% In contrast, the Jackson Company is closely held and, therefore, cannot generate reliable inputs with 21.708% ply the CAPM method to estimate its cost of internal equity (retained earnings). However, its management knows that its outstanding bon ntly yielding 12.31%, and the firm's analysts estimate that the risk premium of its stocks over its bonds is currently 2.31%. As result, Jac 19.90% of internal equity ( rs ) - based on the own-bond-yield-plus-judgemental-risk-premium approach-is: 14.62% 17.54% 16.08% 18.27% The cost of equity using the discounted cash flow (or dividend-yield-plus-growth-rate) approach Grant Enterprises's stock is currently selling for $19.50 per share, and the firm expects its per-share dividend to be $3.25 in one year. Analysts project the firm's growth rate to be constant at 5.40\%. Using the discounted cash flow (or dividend-yield-plus-growth-rate) approach, what is Grant's cost of internal equity? 22.07% 29.79% 18.76% 23.17%