Your firm is planning to invest in an automated packaging plant. Harburtin Industries is an all$-$equity firm that specializes in this business.

Suppose Harburtin's equity beta is $0\mathrm{.}82,$ the risk$-$free rate is $3\mathrm{.}94\%,$ and the market risk premium is $5\mathrm{.}42\%.$ If your firm's project

is all$-$equity financed, estimate its cost of capital.

$\%.($Round to two decimal places.$)$