The required rate of return on the assets of a firm is 9 percent, the firm has a debt-to-common-stock ratio of 20 percent, and a cost of debt of 4 percent. If the firm has no preferred stock and the three conditions specified by M\&M hold, what is the expected rate of return on the firm's common stock? (Round answer to 1 decimal place, e.g. 52.7.) Expected rate of return %