Your firm is financed 100% with equity and has a cost of equity capital of 15%. You are considering your first debt issue, which would change your capital structure to 31% debt and 69% equity. If your cost of debt is 6%, what will be your new cost of equity? Assume no change in your firm's WACC due to the change in capital structures.

The new cost of equity is _%. (Round to two decimal places.)