A corporation has 1 million shares of common stock outstanding.The beta of the common stock is estimated to be 1.75.The rate of return on Treasury bills that are used as a proxy for risk-free return is estimated to be 4 percent.At the same period, the rate of return on a portfolio used for a proxy for a market portfolio will be 12 percent.What is the after tax cost of equity? Assume that the tax rate is 40 percent.