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Hubbard Industries is an all-equity film whose shares have an expected return of 10.0%. Hubbard does a leveraged recapitalization, issuing debt and repurchasing stock, until its debt-equity ratio is 0.60 . Due to the increased risk, shareholders now expect a return of 13.0%. Assuming there are no taxes and Hubbard's debt is risk-free, what is the interest rate on the debt? The interest rate is %. (Round to two decimal places.)