You are estimating potential dividends for a company you are valuing. You have gathered market data to derive the discount rate. The risk-free rate in 6.3%, the beta is 0.95, the market risk is 12%, the firm can borrow long term at 10% and the tax rate is 20%. The current market value of equity is USD 2.500 and the value of debt outstanding is USD 3.000. 

What discount rate should you use when discounting the dividends, you have derived?