The stock market data given by the following table. Correlation Coefficients Telmex Mexico World Telmex Mexico World SD (%) R (%) 1.00 0.90 0.600 18 ? 1.00 0.75 15 14 1.00 10 12 The above table provides the correlations among Telmex, a telephone/communication company located in Mexico, the Mexico stock market index, and the world market index, together with the standard deviations (SD) of returns and the expected returns (R). The risk-free rate is 4%. Suppose the Mexican stock market is segmented from the rest of the world. Using the CAPM paradigm, estimate the equity cost of capital of Telmex. (Enter your answer as a percent rounded to 2 decimal places.) Equity cost %