A company with a cost of debt of 3% and a cost of equity of 11% has a D/E ratio of 1.2. If the corporate tax rate is 20%, what is the company's unlevered cost of equity?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.