A firm is considering two different financing capital structures $($CS$1$ and CS$2).$ In the first capital structure CS$1$ the firm will issue equity which will pay expected dividends of $$2$ million every year perpetually, and debt of maturity $10$ years that will pay expected coupons of $$3$ million annually $(6\%$ of face value of $$50$ million$).$ The equity is discounted at a rate of $9\mathrm{.}28\%$ annually, and the debt is discounted a rate of $6\%$ annually.

In the second capital structure the firm will issue equity which will pay expected dividends of $$4$ million every year perpetually, and debt of maturity $10$ years that will pay coupons of $$1$ million annually $(8\%$ of face value of $$12\mathrm{.}5$ million$).$ The debt is discounted a rate of $8\%$ annually. What is the rate of discount for equity in CS$2?$

Assume that Modigliani$-$Miller and its assumptions are true.

Round the answer to two decimals in percentage form.