That was the third incorrect attempt. The solution is:

Market Capitalization $=$

Share Price x Shares Outstanding

$=215x100,000,000$

$=$$$21,500,000,000$

Airbnb: ABNB

Risk$-$free rate is $2\%$

Market risk premium is $5\%$

Corp tax rate is $23\%$

The company's stock beta: $1\mathrm{.}23$

What is the cost of equity for Airbnb? Use the SML approach.

Give the answer as a percentage, accurate to one decimal

place.