Fish Ltd., a fishery and wholesaler, is expanding into the red- meat sector. The management of Fish Ltd. is considering the financial viability of the expansion but are uncertain as to what discount rate to use for the NPV analysis. The risk free rate is 8%, the market risk premium is 6% while the beta for fish sector is 1.2 and for the red-meat sector is 1.0 and the company is wholly financed by equity. What discount rate should the company use?