Fyre, Inc., has a target debtequity ratio of 1.35. Its WACC is 8.3 percent, and the tax rate is 35 percent.

If instead you know that the aftertax cost of debt is 3.8 percent, what is the cost of equity? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Cost of equity

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