The weighted average cost of capital for a firm, assuming all three Modigliani and Miller assumptions hold, is 10 percent. What is the current cost of equity capital for the firm if the cost of debt for the firm is 7 percent, and the firm is 60 percent financed with debt? (Round answer to 2 decimal places, e.g.17.54%.)

Current cost of equity

enter the current cost of equity in percentages rounded to 2 decimal places %