Aluminum maker Alcoa has a beta of about 1.81, whereas Hormel Foods has a beta of 0.43. If the expected excess return of the market portfolio is 3%, which of these firms has a higher equity cost of capital, and how much higher is it? Alcoa's equity cost of capital is (%. (Round to two decimal places.) Hormel's equity cost of capital is 1%. (Round to two decimal places.) percentage points. (Select from the drop-down Therefore, has the higher equity cost of capital by menus and round to two decimal places.)