Maryland Light, a U.S. manufacturer of light fixtures, is considering an investment in Japan. The dollar cost of equity for Maryland Light is 14.92%. You are in the corporate treasury department, and you need to know the comparable cost of equity in Japanese yen for a project with free cash flows that are uncorrelated with spot exchange rates. The risk-free interest rates on dollars and yen are r$ = 4.77% and r¥ = 0.89%, respectively. Maryland Light is willing to assume that capital markets are internationally integrated. What is the yen cost of equity?