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Suppose you borrow $12,692.14 when financing a gym valued at $35,961.88. Assume that the unlevered cost of the gym is 23.22% and that the cost

Suppose you borrow $12,692.14 when financing a gym valued at $35,961.88. Assume that the unlevered cost of the gym is 23.22% and that the cost of debt is valued at 11.72%. What should be the cost of equity of your firm?

NOTE: Answer in percentage. If your answer is 0.0905, then answer 9.05.

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