Your consultant firm has been hired by Plus Premium Corp to help them estimate the cost of common equity. The yield on the firm's bonds is 6.17%, and your firm's economists believe that the cost of common equity can be estimated using a risk premium of 2.5% over a firm's own cost of debt. What is an estimate of the firm's cost of common equity from reinvested earnings? (Express your answer in % and round to the second decimal place. For example, if your answer is 0.1234, write it as 12.34 and leave out the percentage sign.)