Hartford Mining has 50 million shares that are currently trading for $4 per share and $60 million worth of debt. The debt is risk free and has an interest rate of 8%, and the expected return of Hartford stock is 12%. Suppose a mining strike causes the price of Hartford stoc to a 27% to S22 Share. The value of her sk e debt is unchanged. Assuming there are no taxes and the risk (unlevered beta) of Hartford's assets is unchanged, what happens to Hartford's equity cost of capital? Equity cost of capital is %. (Round to two decimal places.)