Analysts may prefer to remove deferred tax from the financial statements as Deferred tax does not represent an amount that is owed from or to tax authorities There are minor differences between tax accounting and GAAP accounting Analysts only require after-tax profit numbers Tax rates vary too much across jurisdictions and industries TND Ltd is an all-equity firm and its financial manager is planning to change its capital structure to maintain a debt-equity ratio of 0.24. The firm's unlevered beta is 0.77. The expected market rate of return is 12.24 percent and the risk-free rate of return is 3.89 percent. If the applicable tax rate for TND Ltd is 39 percent, calculate the new cost of equity for this firm. (Write the answer in \% rounded to two decimal places. For example, if your answer is 1.234%, write only 1.23)