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14. Your firm is planning to invest in an automated packaging plant. Harburtin Industries is an all-equity firm that specializes in this business. Suppose Harburtin's

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14. Your firm is planning to invest in an automated packaging plant. Harburtin Industries is an all-equity firm that specializes in this business. Suppose Harburtin's equity beta is 0.84, the risk-free rate is 3.7%, and the market risk premium is 4.9%. If your firm's project is all-equity financed, estimate its cost of capital. The cost of capital is %. (Round to one decimal place.)

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