The NuPress Valet Co. has an improved version of its hotel stand. The investment cost is expected to be $69 million and will return $12.9 million for 5 years in net cash flows. The firm's target debt-to-equity ratio is 1.04. The cost of equity is 11%, the cost of debt is 5%, and the tax rate is 34%.

The appropriate discount rate, assuming average risk, is: (Round answer to 4 decimal places, round intermediate calculations to 5 decimal places)