Firm H is currently financed with 75% debt and 25% equity. The equity consists of 50 million shares with a market price of $10 each. H has no cash reserves and is expected to generate average free cash flows of $280 million next year that are expected to grow at annual rate of 4% in perpetuity. Assume H pays no corporate taxes. If the yield on its debt is 4%, what is your estimate of Firm H's current annual cost of equity capital? (Dollar figures should be approximated to the nearest cent of a dollar, while rates should be expressed in percentage terms without using the " 96 " symbol and approximated to the nearest second decimal place.)