The common stock and debt of iOS Corp. are valued at $62 million and $28 million, respectively. Investors currently require a 17% return on the common stock and an 9% return on the debt. There are no taxes. The weighted average cost of capital is 14.51.

If iOS Corp. issues an additional $9 million of debt and uses this money to retire common stock, what will be the expected return on the stock? Please answer in % to two decimal places.