ABC Corp is currently has a debt$-$to$-$enterprise value ratio of $20\%.$ Its current cost of equity is $12\%$ and its current cost of debt is $4\%.$ The firm wants to permanently change its financing policy to target a debt$-$to$-$enterprise value ratio of $42\%.$ The cost of debt associated with this new financing policy will be $5\%.$ Assuming perfect markets, what will ABC's cost of equity be after it implements this new financing policy? Express your answer in percent and round to two decimals $($do not include the $\%-$symbol in your answer$).$