A firm has a capital structure of 100% equity. An analyst wants to estimate the current cost of capital for the firm. He has collected some financial data shown in the table below: FINANCIAL INSTRUMENT RETURN OR YIELD TO MATURITY 90-day Treasury Bill 0.58% S&P 500 Market Index 6.64% The beta for the firm is 1.29. The firm is considering a capital budgeting project that will create a cash flow next year of $518,500.00. The project cash flows will grow by 3.00% each year for a 9.00-year period, and the cost of the project is $3,193,845.00 today. What is an estimate for the current cost of capital?

Please round percentage to 2 decimal places