Axon Industries needs to raise $23.91M for a new investment project. If the firm issues one-year debt, it may haveto pay an interest rate of 11.18 %, although Axon's managers believe that 4.32 % would be a fair rate given the level of risk. If the firm issues equity, they believe the equity may be underpriced by 8.72 %. What should be the undervaluation of equity to match the cost of debt?

NOTE: Provide your answers in Percentages. E.G. for 10.15% you must enter 10.15, for 2.05% you must enter 2.05, etc.