Summerdahl Resort's common stock is currently trading at $21.00 a share. The stock is expected to pay a dividend of $1.25 a share at the end of the year (D1 = $1.25), and the dividend is expected to grow at a constant rate of 8% a year. What is the cost of common equity? Round your answer to two decimal places.

You wish to retire in 13 years, at which time you want to have accumulated enough money to receive an annual annuity of $23,000 for 18 years after retirement. during the period before retirement you can earn 9 percent annually, while after retirement you can earn 11 percent on your money. what annual contributions to the retirement fund will allow you to receive the $23,000 annuity? use appendix c and appendix d for an approximate answer, but calculate your final answer using the formula and financial calculator methods.