GPX issued 50 million shares, each worth $ 4. The company also has $ 200 million in risk-free debt at the rate, Rf, of 5%. The shareholders hope for a litai return of 11%. Due to the grim economic outlook, market capitalization drops 25% while the value of debt remains unchanged. Without taxes, and at unchanged zero debt (BU) beta, what is GPX's new cost of equity (RE)?