Question: Cede & Co. expects its EBIT to be $73,323 every year forever. The firm can borrow at 9%. Cede currently has no debt, and its

Cede & Co. expects its EBIT to be $73,323 every year forever. The firm can borrow at 9%. Cede currently has no debt, and its cost of equity is 22%. The tax rate is 36%. What is the firm's cost of equity capital after borrowing $45,000 and using the proceeds to repurchase shares (Le., after recapitalization)? (Answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations]

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