Rolex, Inc. has equity with a market value of $$20$ million and debt with a market value of $$10$ million. Assume the firm has no default risk$-$free interest rate is $5$ percent per year, and the expected return on the market portfolio is $11$ percent. The beta of the company's equity is $1\mathrm{.}5.$ The tax rate is $20\%.$ What is the cost of capital for an otherwise identical all$-$equity firm?