Company U and company L are identical in every respect except company U is unlevered and company L has $$6,000,000$ perpetual debt with an interest rate of $5\%.$ Both companies are expecting to have an EBIT of $$1,800,000$ in perpetuity and all earnings will be immediately distributed to common shareholders. Company U has a cost of equity of $7\%.$ Assume that all Modigliani and Miller assumptions are satisfied. Calculate the cost of equity for the levered firm according to MM proposition II without taxes.$($Do not round intermediate calculations. Round the final answer to $2$ decimal places. Omit the $\%$ sign in your response. For example, an answer of $15\mathrm{.}39\%$ should be entered as $15\mathrm{.}39.)$