Suppose Microsoft has no debt and a WACC of 9.1%. The average debt-to-value ratio for the software industry is 10.5%. 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 6.2% and use the proceedings to buy back shares? (Assuming there's no corporate tax or other frictions in the capital markets) The cost of equity is %. (Round to two decimal places.)