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Marx and Spender Corp. currently has a WACC of 21 percent. If the cost of debt capital for the firm is 12 percent and the

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Marx and Spender Corp. currently has a WACC of 21 percent. If the cost of debt capital for the firm is 12 percent and the firm is currently financed with 25 percent debt, then what is the current cost of equity capital for the firm? Assume that the assumptions in Modigliani and Miller's Proposition 1 hold. (Round answer to 2 decimal places, e.g. 17.54\%.) Current cost of equity capital %

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