Company A has a standard deviation of 32.49 and an estimated correlation of 0.27 with the local market and an estimated correlation of 0.66 with the world market. The local market has an average return of 23.05% and a standard deviation equal to 21.9%. The world market has an average return of 14.56% and a standard deviation equal to 14.51%. What is Company A's equity cost of capital if markets are fully integrated and the risk-free rate