A company currently has no debt. Its cost of equity is 8.7% and its tax rate is 30%. It is considering restructuring to and maintaining a D/E ratio of 0.34. The firm's cost of debt, Rd, is estimated at 4.5% in that case. The cost of equity, Re, under the new capital structure is _ _%. Do NOT round intermediate work. Round your final answer to 2 decimal places (ex: if your answer is .123456 or 12.3456%, enter 12.35). Margin of error for correct responses: +/- 10