Consolidated Construction has a beta of 0.8. The risk-free rate of return is 3.8 percent and the expected market return is 12.4 percent. What is Consolidated's cost of equity? (Rounded to two decimal place) (Enter % as number not fraction, e.g. 34.81 for 34.81%, not 0.3481. You will be marked wrong if the answer is in the wrong format.)