THE ANSWER IS NOT 15.6

PLEASE DO NOT ANSWER THE QUESTION IF YOU ARE JUST GOING TO GIVE ME THE SAME INCORRECT ANSWER

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.) Cost of Equity Capital