One year estimates suggest that Mulligan Manufacturing (MM) has a 20% probability of being worth $100 million, a 50% probability of being worth $180 million, a 10% probability of being worth $330 million and a 10% probability of being worth zero. The firm has a senior bonds outstanding with a face value of $100 million and a promised rate of return of 5% and junior bonds outstanding with a face value of $40 million and a promised return of 20%. If the firms required rate of return its assets is 12%, then what is the firm's levered cost of equity