Suppose the weighted average cost of capital of the Pharoah Company is 13 percent. If Pharoah has a capital structure that is 60 percent debt and 40 percent equity, its before-tax cost of debt is 4 percent, and its marginal tax rate is 20 percent, determine cost of equity capital. (Round intermediate calculations to 2 decimal places, eg. 1.25 and final answer to 1 decimal place, eg. 15.2.) Cost of Equity Capital