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Garnet, Inc., has a target debt-equity ratio of 0.39. Its WACC is 11.7 %, and the tax rate is 31 % If you know that

Garnet, Inc., has a target debt-equity ratio of 0.39. Its WACC is 11.7 %, and the tax rate is 31 %

If you know that the after-tax cost of debt is 5.8%, what is the cost of equity? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations).

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