Hardmon Enterprises is currently an all$-$equity firm with an expected return of $12\%.$ It is considering a leveraged recapitalization in which it would borrow and repurchase existing shares. Assume perfect capital markets with no taxes. Suppose Hardmon borrows to the point that its debt$-$equity ratio is $0\mathrm{.}50.$ With this amount of debt, the debt cost of capital is $6\%.$ What will be the expected return of equity after this transaction? Express your answer as a percentage with two decimals.