Waters & Gilmour Pink Piggy Bar-B-Que, Inc. operate a chain of bar-b-que restaurants. The firm's stock has a beta of 1.6, the current risk-free rate is 4.2 percent, and the expected return on the market is 12.3 percent. What is Waters & Gilmours cost of equity capital? ENTER YOUR ANSWER AS A PERCENTAGE WITH ONE DECIMAL PLACE (e.g., 7.8).