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Garnet, Inc., has a target debt-equity ratio of 0.41. Its WACC is 11.8%, and the tax rate is 39% If you know that the after-tax

Garnet, Inc., has a target debt-equity ratio of 0.41. Its WACC is 11.8%, and the tax rate is 39%

If you know that the after-tax cost of debt is 6.2%, 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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