A company has an EBIT of $4,750 in perpetuity. The unlevered cost of capital is 16.46%, and there are 27,230 common shares outstanding. The company is considering issuing $10,410 in new bonds at par to add financial leverage. The proceeds of the debt issue will be used to repurchase equity. The YTM of the new debt is 11.52% and the tax rate is 35%. What is the cost of the levered equity after the restructuring? 19.25% 19.73% 20.21% 20.69% 21.17%