A company just issued $$478000$ of perpetual $8\%$ debt and used the proceeds to repurchase stock. The company expects to generate $112000$ of EBIT in perpetuity. The company distributes all its earnings as dividends at the end of each year. The firm's unlevered cost of capital is $14\%$ and the tax rate is $25\%.$ What is the required return on the firm's levered equity $($report the cost of equity as a decimal number with four decimal places such as $0\mathrm{.}1234)?$