Cede & Co$.$ expects its EBIT to be $$80,407$ every year forever. The firm can borrow at $12\%.$ Cede currently has no debt, and its cost of equity is $21\%.$ The tax rate is $34\%.$

What is the firm's cost of equity capital after borrowing $$45,000$ and using the proceeds to repurchase shares $($i$.$e$.,$ after recapitalization$)?($Answer in percentage terms and round to $2$ decimal

places. Do not round intermediate calculations.$)$