Gaucho Services starts life with all-equity financing and a cost of equity of 14%. Suppose it refinances to the following market value capital structure: Debt (D) Equity (E) rd 45% 55% at ro = 9.48 Use MM's proposition 2 to calculate the new cost of equity. Gaucho pays taxes at a marginal rate of Te = 30%. Calculate Gaucho's after-tax weighted-average cost of capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Answer is complete but not entirely correct. After-tax WACC 12.11 %