Situational Software Co$.($SSC$)$ is trying to establish its optimal capital structure. Its current capital structure consists of $35\%$ debt and $65\%$ equity;

however, the CEO believes that the firm should use more debt. The risk$-$free rate, $rR{F}_{RF},$ is $4\%$; the market risk premium, $R{P}_M,$ is $6\%$; and the firm's tax rate

is $25\%.$ Currently, SSC$\text{'}$s cost of equity is $15\%,$ which is determined by the CAPM. What would be SSC$\text{'}$s estimated cost of equity if it changed its capital

structure to $50\%$ debt and $50\%$ equity? Do not round intermediate calculations. Round your answer to two decimal places.