year

2018

2019

2020

2021

2022

R_f

2.64%

2.64%

2.64%

2.64%

2.64%

β

1.21

0.85

0.75

1.06

1.06

R_m

11.64%

11.64%

11.64%

11.64%

11.64%

Cost of equity capital

13.53%

10.31%

9.37%

11.15%

11.18%