Axon Industries needs to raise $24.22M for a new investment project. If the firm issues one-year debt, it may have to pay an interest rate of 11.92 %, although Axon's managers believe that 4.59 % would be a fair rate given the level of risk. If the firm issues equity, they believe the equity may be under priced by 11.32 %. What should be the undervaluation of equity to match the cost of debt?