A company just issued $260000 of perpetual 10% debt and used the proceeds to repurchase stock. The company expects to generate 121000 of EBIT in perpetuity. The company distributes all its earnings as dividends at the end of each year. The firms unlevered cost of capital is 15% and the tax rate is 20%. What is the required return on the firms levered equity (report the cost of equity as a decimal number with four decimal places such as 0.1234)?