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

The cost of equity is $\%.($Round to two decimal places.$)$