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Titusville Oil has a WACC of 12.8% and a marginal tax rate of 39%. If the firm currently has a cost of equity of 16.5%

Titusville Oil has a WACC of 12.8% and a marginal tax rate of 39%. If the firm currently has a cost of equity of 16.5% and wishes to maintain a target debt-equity ratio of 0.56, what is its pre-tax cost of debt? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations)

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