Pinch an Inchworm, Inc. currently has $80,000 of stock issued, with no bonds. The current cost of equity is 20%. If the company sells $20,000 of bonds and uses this money to purchase $20,000 worth of stock, what is the new cost of equity? Assume that the cost of debt is 10% and that there are no other securities issues by Pinch an Inchworm. You can also assume that the weighted average cost of capital is constant.