Beta of Apple 1.4 http://www.morningstar.com/stocks/xnas/aapl/quote.

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Debt to equity ratio of Apple 0.7 http://www.morningstar.com/stocks/xnas/aapl/quote.htm
Tax rate 35% Assumed from the case
Unlevered beta 0.962199 Unlevered beta = Levered beta/(1 + (1-tax rate)*Debt/equ

Target debt to equity ratio 1 Assumed from the case

Levered beta of Conch Republic 1.59
Risk-free rate 2.05% Risk-free rate is 5 year US Govt bond yield
Avg S&P 500 return 15.3% Avg S&P 500 return

Cost of equity of Conc republic 23.0%

stocks/xnas/aapl/quote.html
stocks/xnas/aapl/quote.html

a/(1 + (1-tax rate)*Debt/equity)

https://www.bloomberg.com/markets/rates-bonds/government-bonds/us
https://ycharts.com/indicators/sandp_500_total_return_annual