Nio is a company involved in producing electric cars. The levered beta for Nio stock is 1.4, and Nio has a debt-to-equity ratio of 2, and the tax rate is 10%. You want to start a project of selling electric cars with 0.5 debt-to-equity and you can use Nio as a proxy company for finding the systematic business risk of selling electric cars. The risk-free rate is 1% and the expected return on the market portfolio is 11%. What is the rate of return that is demanded by equity holders in the project? (Note: Report the answer in four decimal places, i.e. if the answer is 3.1%, report 0.0310.)