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Booher Book Stores has a beta of 0.9. The yield on a 3 -month T-bill is 3% and the yleld on a 10 -year T-bond

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Booher Book Stores has a beta of 0.9. The yield on a 3 -month T-bill is 3% and the yleld on a 10 -year T-bond is 8%. The market risk premium is 5.5%, and the return on an average stock in the market last year was 14%. What is the estimated cost of common equity using the CAPM? Round your answer to two decimal places

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