You have gathered the following information about your firm:

• Current Stock Price (Common) ==> $51
• Forecasted Dividend (D1) ==> $2.08
• Beta ==> 1.5
• YTM on Debt ==> 11.49%
• Coupon Rate on Debt ==> 9.59%
• Treasury Bond Yield ==> 2.8%
• Growth Rate on Dividends ==> 3.4%
• Market Risk Premium (km - krf) ==> 4%
• Risk Premium for our stock over our Bonds ==> 6.2%

Based on this, estimate the cost of common stock financing based on the Bond Yield plus Risk Premium approach. Round to 2 decimal places in percentage terms.

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