Use the information for the question(s) below. KT Enterprises is considering undertaking a new project. Based upon analysis of firms with similar projects, KT has determined that an unlevered cost of equity of 10% is suitable for their project. KT's corporate tax rate is 21%, its borrowing rate is 9%, and KT does not believe that its borrowing rate will change if the new project is accepted. If KT expects to maintain a debt-to-equity ratio for this project of .6 then KT's equity cost of capital, rE, for this project is closest to (\%) (2 decimal places)