McCann Catching, Inc. has 3.00 million shares of stock outstanding. The stock currently sells for $12.80 per share. The firm's debt is publicly traded and was recently quoted at 91.00% of face value. It has a total face value of $18.00 million, and it is currently priced to yield 8.00%. 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 36.00%. The firm is considering a $48.12 million expansion of their production facility. The project has the same risk as the firm overall and will earn $10.00 million per year for 6.00 years. What is the cost of equity