Suppose PayPal $($PYPL$)$ has no debt and an equity cost of capital of $9\mathrm{.}5\%.$ The average debt$-$to$-$value ratio for the credit services industry is $15\mathrm{.}2\%.$ What would its cost of equity be if it took on the average amount of debt for its industry at a cost of debt of $6\mathrm{.}1\%?$

The cost of equity is

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