An unlevered firm with a weighted average cost of capital of 12%. The firm will issue debt and use the proceeds to repurchase stock. Assume the firm debt-to equity ratio is 0.7 after the issue. If the firm can borrow at 9% and the corporate tax rate is 31%, what will the cost of equity be after the debt issue? Round Re for the levered firm to two decimals (e.g. 22.05) and the unit is (%).