Assume the following information for Blend Inc., a U.S.-based MNC that is considering obtaining funding for a project in Germany:

U.S. risk-free rate = .04

German risk-free rate = .05

Risk premium on dollar-denominated debt provided by U.S. creditors = .03

Risk premium on euro-denominated debt provided by German creditors = .04

Beta of project = 1.17

Expected U.S. market return = 0.08

U.S. corporate tax rate = .30

German corporate tax rate = .40

What is Blend Inc. cost of dollar-denominated equity?