ACME Transmission Inc. is a tier 1 parts supplier to North American automobile manufacturers. ACME has debt-to-equity ratio of 25% and is committed to maintaining that ratio in perpetuity. ACMEs cost of debt is 5%. Sperbing Inc., a competing and very similar auto parts company, has no debt and its shareholders require a return of 9%. The tax rate is 30%. What is ACMEs (levered) cost of equity? Express your answer in percentage form.