Acetate, Inc., has equity with a market value of $22.3 million and debt with a market value of $11.15 million. The cost of debt is 8 percent per year. Treasury bills that mature in one year yield 4 percent per year, and the expected return on the market portfolio is 10 percent. The beta of Acetates equity is 1.08. The firm pays no taxes.

I figured out that debt-equity ratio is .43 and WACC is 9.65, but need help with the following:

What is the cost of capital for an otherwise identical all-equity firm? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)