HOP Save & E Gaucho Services starts life with all-equity financing and a cost of equity of 15%. Suppose it refinances to the following market value capital structure: Debt (D) Equity (E) 46% 54% at D = 9.3% Use MM's proposition 2 to calculate the new cost of equity, Gaucho pays taxes at a marginal rate of Tc - 40%. Calculate Gaucho's after-tax weighted-average cost of capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) After-tax WACO ME GE M A 11