Suppose Microsoft has no debt and a WACC of $8\mathrm{.}9\%.$ The average debt$-$to$-$value ratio for the software industry is

$10\mathrm{.}1\%.$ What would be its cost of equity if it took on the average amount of debt for its industry at a cost of debt of $5\mathrm{.}9\%?$

The cost of equity is

$\%.($Round to two decimal places.$)$