Problem 14-2 Calculating Cost of Equity [L01] The Rhaegel Corporation's common stock has a beta of 1.1. If the risk-free rate is 4.2 percent and the expected return on the market is 12 percent, what is the company's cost of equity capital? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Cost of equity capital