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JaiLai Cos. stock has a beta of 0.7, the current risk-free rate is 6.7 percent, and the expected return on the market is 13 percent.

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JaiLai Cos. stock has a beta of 0.7, the current risk-free rate is 6.7 percent, and the expected return on the market is 13 percent. What is JaiLai's cost of equity? (Round your answer to 2 decimal places.)

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