Company JBY is asking your help in providing the management an idea how much is the Company's the cost of capital. After your initial meeting, you recommended to use Weighted Average Cost of Capital (WACC). The following details were provided to you: Equity: 1, 000, 000 Debt: 1, 000, 000 Interest Expense: 50, 000 Outstanding Shares: 1, 000, 000 Market Price: 1.00php per share Dividends: 0.12php per share Company policy is to increase dividends yearly by 2% Tax rate: 30% How much is the Company's cost of equity? (Use two-decimal places)