Thanks in advance

Cede & Co. expects its EBIT to be $83,606 every year forever. The firm can borrow at 13%. Cede currently has no debt, and its cost of equity is 23%. The tax rate is 33%. What is the firm's cost of equity capital after borrowing $45,000 and using the proceeds to repurchase shares (i.e., after recapitalization)? (Answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations.)