Suppose the weighted average cost of capital of the Crane Company is 11 percent. If Crane has a capital structure that is 50 percent debt and 50 percent equity, its before-tax cost of debt is 8 percent, and its marginal tax rate is 20 percent, determine cost of equity capital. (Round intermediate calculations to 2 decimal places, e.g. 1.25 and final answer to 1 decimal place, e.g. 15.2.)