A company's unlevered cost of capital is 7%. The company's market value of equity is $9,000,000. The company has $3,000,000 in outstanding debt at an interest rate of 4%. Assume the corporate tax rate is 20%. What is this company's 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.