Company has debt with both a face and a market value of $1,900,000. This debt has a coupon rate of 6 percent and pays interest annually. The expected earnings before interest and taxes are $745,000, the tax rate is 25 percent, and the unlevered cost of capital is 8.5 percent. What is the firm's cost of equity?

8.95%

9.19%

9.32%

9.47%

9.60%