Gaucho Services starts life with all-equity financing and a cost of equity of 13%. Suppose it refinances to the following market-value capital structure: Debt (D) 48% at rD = 9.9% Equity (E) 52% Use MMs proposition 2 to calculate the new cost of equity. Gaucho pays taxes at a marginal rate of Tc = 40%. Calculate Gauchos after-tax weighted-average cost of capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)