The project's annual operating costs (excluding depreciation) are expected to be 60% of sales in year one and decline ratably to 45% of sales in Year 3 and again ratably until 35% of sales in Year 5 until the end of the project. The company's tax rate is 25%. The following table gives SSCs earnings per share for the last 10 years. The common stock, 8.1 million shares outstanding, is now (1/1/22) selling for $63.00 per share. The expected dividend at the end of the current year (12/31/22) is 40% of the 2021 EPS. Because investors expect past trends to continue, g may be based on the historical earnings growth rate. (Note that 9 years of growth are reflected in the 10 years of data.) Year EPS Year EPS 2012 $3.90 2017 $5.73 2013 4.21 2018 6.19 2014 4.55 2019 6.68 2015 4.91 2020 7.22 2016 5.31 2021 7.80 The current interest rate on new debt is 12%; SSCs marginal tax rate is 25%; and its target capital structure is 35% debt and 65% equity. Calculate SSCs after-tax cost of debt. Round your answer to two decimal places. Calculate SSC's cost of common equity