Shares in Coastal Road Industries has a beta of 0.97. The market risk premium is 10 % while T-bills are currently yielding 5.5 %. Country Road's most recent dividend was $1.70 per share, and dividends are expected to grow at a 7 % annual rate indefinitely. The share sells for $32 a share. What is the estimated cost of equity using the average of the (1) CAPM approach and the (2) dividend discount approach?