A company's board of directors is considering the plan for capital expenditures. A director asks the chief financial officer how the appropriate rate of return is set for evaluating capital expenditures. The CFO responds that the company uses the after-tax weighted average cost of capital and that the current value is 13 percent. If the combined tax rate is 45 percent, the before-tax cost of borrowed capital is 14 percent, and equity comprises 60 percent of the capitalization of the company, what is the percent return to shareholders?