You know that the return of Crane Cyclicals' common shares is 1.60 times as sensitive to macroeconomic information as the return of the market. If the risk-free rate of return is 2.45 percent today and market risk premium is 5.71 percent, what is Crane Cyclicals' cost of common equity capital? (Round intermediate calculation to 4 decimal places, e.g. 1.25140 and final answer to 2 decimal places, e.g. 15.25%.) Cost of common equity capital %