You have started an internship for Flight Centre Travel Group. Your manager asks you to calculate the appropriate required return for the company's capital budgeting decisions.

Exploring the company's financial statements, you find that the company has 200 million shares outstanding. You also find the company has issued 23 million bonds. Bonds have a $100 face value and coupon rate of 4.8%. Coupons are paid quarterly, and the maturity date of bonds is eight years from now.

The market data show that the company's stocks are traded at $20.62 per share and bonds at $98.7 in the ASX market.

You gather additional information. Yahoo finance estimates the beta of the company to be 1.82. The market risk premium is 8%, and the yield on a long term government bond is 1.3%. The corporate tax rate is 30%.

What is the appropriate required return for the company's projects in the same line of business? Enter your answer in a decimal format to six decimal places (0.123456 not 12.3456%)