Quipta is a semi-conductor manufacturing firm with three divisions. These are Tools (TL), which constitutes 40 percent of the assets of the firm, Digital Equipment (DE), which constitutes 25 percent of the assets and Foundry Equipment (FD), which constitutes the remaining 35 percent of the assets. The unlevered betas of the three divisions (defined as the beta of the division if it were independent and 100% equity financed) are UTL = 1.5, UDE =0.7 and UFD = 0.5. Quiptas debt-to-equity ratio is 3/7 and the corporate tax rate is 34%. The expected return on the market portfolio is 13 %. Quipta can borrow at the risk free interest rate of 4%. Calculate the expected return on the equity for Quipta.