Return statistics for Visa stock, the S&P 500 and the risk-free asset, Treasury bills, are given below:

	A	B	C	D
1	Year	Visa	S&P 500	T-bill
2	2013	0.06	0.13	0.033
3	2014	-0.22	-0.14	0.022
4	2015	-0.06	-0.05	0.015
5	2016	0.05	0.28	0.022
6	2017	0.14	0.08	0.028
7	2018	0.05	0.07	0.031
8	2019	0.04	0.05	0.03
9	2020	0.02	0.1	0.032

In addition, you have gathered the following data:

	A	B	C
1	Current rf	0.038
2	Debt in 2019	15,820	million
3	Debt in 2020	16,650	million
4	Interest 2020	807	million
5	Stock price	31.21
6	# of shares	1,770	million
7	Tax rate	0.21

1. Calculate the excess returns for the stock and the S&P 500. What is the arithmetic average excess return for the S&P 500?

2.Regress the excess return on the stock on the excess return on the S&P 500. What is Visa's beta?

3. What is the cost of equity?

4. What is the cost of debt?

5. What is the company's weighted average cost of capital?