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Question 18 Your company is looking to establish an overseas subsidiary. The cost of equity for the parent company is 9.7% and the yield to maturity on the parent's debt is 2.8%. The parent company can sustain a debt to equity ratio of 0.23. Not yet answered Marked out of 1.00 The subsidiary is to be in New Zealand. You have gather information on a series of like firms. You have determined that the pure play beta for the subsidiary is 2.3, the risk free rate is deemed to be 2.5% over the long run, and the market risk premium is deemed to be 5.5% on average. The debt yield on other similar NZ firms is approximately 6%. The relevant corporate tax rates in the parent's country and in Australia are 15%, and 20%, respectively. The subsidiary can only support a debt to equity ratio of 0.57. What is the relevant weighted average cost of capital for the subsidiary? P Flag question Express your answer as a percentage (but omit the percent sign)