Problem $13-23$ Company Cost of Capital $($LO$4)$

The following table presents information for Golden Fleece Financial.

Long$-$term debt outstanding

Current yield to maturity on debt

Number of shares of common stock

Price per share

Book value per share

Expected rate of return on stock

$$430,000$

$8\mathrm{.}50\%$

$16,500$

$$63$

$$38$

$16\mathrm{.}00\%$

Calculate the company cost of capital.

Note: Ignore taxes. Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

$\%$