Cede & Co. expects its EBIT to be $74,157 every year forever. The firm can borrow at 12%. Cede currently has no debt, and its cost of equity is 22%. The tax rate is 32%.

What is the firms 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.)