Hartford Mining has $60$ million shares that are currently trading for $ $2$ per share and $ $160$ million worth of debt. The debt is risk free and has an interest rate of $8\%,$ and the expected return of Hartford stock is $14\%.$ Suppose a mining strike causes the price of Hartford stock to fall $24\%$ to $ $1\mathrm{.}52$ per share. The value of the$$ risk$-$free debt is unchanged. Assuming there are no taxes and the risk$($unlevered beta$)$ of$$ Hartford's assets is$$ unchanged, what happens to$$ Hartford's equity cost of$$ capital?

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Part $1$

Equity cost of capital is

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enter your response here$\%.($Round to two decimal$$ places.$)$