DE company has no debt in its capital structure (100% financed with equity). The beta of its stock is 1.5. The market risk premium is 6.6 percent and the risk-free rate is 2.4 percent. The company is considering a project which is less risky than its current operations, so it wants to apply an adjustment of negative 3 percent to company's WACC in order to compute the discount rate for the project. What should the firm set as the required rate of return for the project?