You would like to estimate the weighted average cost of capital for a now airine business. Based on its industry assat beta, you have already estimated an un'overed cost of capital for the firm of 9%. However, the new business wil be 25% debt financed, and you anticipato its debt cost of capital will be 6%. If its corporate tax rate is 40%, what is your estimate of its WACC? The equity cost of capital is \%. (Round to one decimal place.)