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 0.82 , the risk-free rate is 3.8%, and the market risk premium is 4.9%. If your firm's project is all-equity financed, estimate its cost of capital. Harburtin's cost of capital is \%. (Round to two decimal places.)