Modigliani and Miller's world of no taxes. Air Seattle is looking to change its capital structure from an all$-$equity firm to a levered firm with $30\%$ debt and $70\%$ equity. Air Seattle is a not$-$for$-$profit company and therefore pays no taxes. If the required rate on the assets $(R_a)$ of Air Seattle is $23\%,$ what is the current required cost of equity $($when Air Seattle is an all$-$equity firm$)?$ What is the new required cost of equity if the cost of debt is $13\%?$