You have been studying ways to evaluate the cost of capital in Finance class. You know that beta is an important way to solve that problem. You researched a company to invest in and noticed it has a beta of 1.12. The T-Bill rate is 4.7%. You did more research and found out the market return currently is 12.2%. What is the company's cost of equity capital? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. Cost of equity 13.85 %