McCann Catching, Inc. has 2.00 million shares of stock outstanding. The stock currently sells for $12.65 per share. The firm's debt is publicly traded and was recently quoted at 89.00% of face value. It has a total face value of $12.00 million, and it is currently priced to yield 9.00%. The risk free rate is 4.00% and the market risk premium is 8.00%. You've estimated that the firm has a beta of 1.47. The corporate tax rate is 40.00%. The firm is considering a $40.20 million expansion of their production facility. The project has the same risk as the firm overall and will earn $11.00 million per year for 8.00 years. What is the cost of equity? Answer format: Percentage Round to: 2 decimal places (Example: 9.24\%, \% sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))