You know that the return of Pharoah Cyclicals' common shares is 1.50 times as sensitive to macroeconomic information as the return of the market. If the risk-free rate of return is 2.40 percent today and market risk premium is 5.71 percent, what is Pharoah Cyclicals' cost of common equity capital? (Round intermediate calculation to 4 decimal places, eg. 1.25140 and final answer to 2 decimal places, eg. 15.25\%.) Cost of common equity capital %