Suppose PayPal$($PYPL$)$ has no debt and an equity cost of capital of $8\mathrm{.}9\%.$ The average$$ debt$-$to$-$value ratio for the credit services industry is $14\mathrm{.}7\%.$ 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 $5\mathrm{.}5\%$ Round to two decimal places.