Pharoah Resources Company has a WACC of 13.5 percent, and it is subject to a 40 percent marginal tax rate. Pharoah has $230 million of debt outstanding at an interest rate of 10 percent and $750 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%.)