Your firm is planning to invest in an automated packaging plant. Harburtin Industries is an all-equity firm that specializes in this business. Suppose Harburtin's equity beta is 0.86, the risk-free rate is 3.8%, and the market risk premium is 5.1%. If your firm's project is all-equity financed, estimate its cost of capital. The cost of capital is %. (Round to one decimal place.)