A business opportunity has a $15,000 initial cost and returns annual cash flows (assume end of year) of $6,000; $7,000; $8,000; $9,000; and $10,000 for years 1-5, respectively.The company's accountant determines that the Net Present Value (NPV) of the project is $19,839.

What cost of capital (or discount rate) is the accountant using?

Round to one decimal place, ex: 9.2