Concord Company has debt with both a face and a market value of $2,100,000. This debt has a coupon rate of 6.5 percent and pays interest annually. The expected earnings before interest and taxes are $720,000, the tax rate is 34 percent, and the unlevered cost of capital is 13 percent. What is the firm's cost of equity?

		16.71%
		16.97%
		17.15%
		17.33%
		17.56%