Future company has $15m of outstanding long-term debt and two million shares, currently traded at $30/share. The cost of debt is 5% and the corporate tax rate is 20%. The risk-free rate is 3% and the excess return on stock market is 8%. Company's beta is 1.2. If you want to use free cash-flow for the firm (FCFF), what discount rate would you use? Enter the answer as %.