Answer question below see picture. May need to use google sheets or excel to answer. I do not plan to copy your work. But can you please show work so I can understand.

A B C D E F G H J K 13.21 Cost of common stock: Underestimated Inc.'s common shares currently sell for $36 per share. The firm believes that its shares should really sell for $54 per share. If the firm just paid an annual dividend of $2 per share and the firm expects those dividends to increase by 8 percent per year forever (and this is common knowledge to the market), what is the current cost of common equity for the firm and what does the firm believe is a more appropriate cost of common equity for the firm? Current stock price $36 Firm's expected stock price $54 Dividend just paid (Do) $2 Constant growth rate 8% 13 14 Current cost of common equity 15 Appropriate cost of equity (as per firm's belief) 16 17 18 19 20 13.3 13.7 13.8 13.20 13.21 13.25 +