Pharoah Resources Company has a WACC of 11.5 percent, and it is subject to a 35 percent marginal tax rate. Pharoah has $250 million of debt outstanding at an interest rate of 8 percent and $700 million of equity (at market value) outstanding. What is the expected return on the equity with this capital structure? (Round answer to 2 decimal places, e.g. 17.54%.)