Suppose that Vertex Pharmaceuticals (Ticker: VRTX), which engages in the development and commercialization of therapies for treating cystic fibrosis, currently has no debt and has a cost of capital of 10%. Vertex is considering borrowing funds at a cost of 6.00% and using these funds to repurchase existing shares of stock. Assuming perfect capital markets, if Vertex borrows until they achieved a debt-to-value ratio of 20%, then VRTX's levered cost of equity would be: Report your answer as a percentage rounded to two decimal places (i.e. if your answer is 0.0123, report it as 1.23)