A firm currently has a debt-equity ratio of 1/2. The debt, which is virtually riskless, pays an interest rate of 6.5%. The expected rate of return on the equity is 15%. What would be the expected rate of return on equity if the firm reduced its debt-equity ratio to 1/3? Assume the firm pays no taxes. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)