A toys Company has 1.4 million shares in issue. The current market price is $45 per share. The companys debt is publicly traded on the New York Stocks Exchange and the most recent quote its price was 95% of face value. The debt has total face value of $ 7 million and companys credit risk premium currently 2.7%. The risk-free rate is 3.2% and the equity market risk premium is 6.8%. The companys beta is estimated at 1.1 and its corporate tax rate is 35% What is the amount of current cost of equity?