Answer:
22.83%
Step-by-step explanation:
Cost of Equity =

where
= risk free rate,
= beta of equity
= expected return on the market.
Therefore, Ice Co cost of equity
= 5.03% + 1.78(15.03% - 5.03%)
= 0.0503 + 1.78(0.1503-0.0503)
= 0.0503 + (1.78 * 0.1)
= 0.0503 + 0.178
= 0.2283
= 22.83%