Taylor Machinery is considering a change to the company's capital structure, which currently consists of $23\%$ debt and the remainder equity. The CFO believes the firm should use more debt, but the CEO is reluctant to increase the debt ratio. The risk$-$free rate is $4\%,$ the market risk premium is $5\%,$ and the firm's tax rate is $30\%.$ Currently, the company's cost of equity is $11\%,$ as determined by the CAPM. What would be the estimated cost of equity $($in percentage terms, rounded to two decimal places, e$.$g$.,12\mathrm{.}34)$ if the firm used $41\%$ debt instead? Note: You must first calculate the company's current beta and then the unlevered beta, before determining the new levered beta used to recalculate the cost of equity.

In Excel if possible