Hartford Mining has $70$ million shares that are currently trading for $$8$ per share and $$190$ million worth

of debt. The debt is risk free and has an interest rate of $2\%,$ and the expected return of Hartford stock

is $12\%.$ Suppose a mining strike causes the price of Hartford stock to fall $27\%$ to $$5\mathrm{.}84$ 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?

Equity cost of capital is

$\%.($Round to two decimal places.$)$