A. Write a macro function to calculate the Future value for a series of cash flows. B. Write a macro function to estimate the cost of equity using the: (i) Capital Asset Pricing Model (CAPM) Ri = rf + Ba (I'm-If) where: 1= the rate of return on risk-free securities (typically Treasuries) B. = the beta of the investment in question I'm = the market's overall expected rate of return (ii) Fama-French Model R; = re + Bmkt (RMRF) + Bsize (SMB) + Bvalue (HML) where: If = the rate of return on risk-free securities (typically Treasuries) Bmkt = market beta Bsize = size beta Bvalue = value beta RMRF= return on a market weighted equity index in excess of the one month T-bill rate. SMB=small minus big, a size (market capitalization factor). SMB is the average return on three small-cap portfolios minus the average return on three large cap portfolios. HML=high minus low. HML is the average return on two low book-to-market portfolios minus the average return on two high low book-to-market portfolios. Test your cost of equity macro function using the following data: Risk-free rate=4.9%, Market Beta=1.24, Size Beta=-0.220, Value Beta=-0.348 RMRF=5.5%, SMB= 2.7%, HML=4.5%. rf Ba 4.7% 1.14 6.0% rm CAPM 4.7% Market Beta Size Beta Value Beta RMRF SMB HML Fama-French 1.14 0.22 0.328 5.5% 2.8% 4.3%