Johnson Tire Distributors has debt with both a face and a market value of $$135,000,000.$ This debt has a coupon rate of $9$ percent and pays interest annually. The expected earnings before interest and taxes is a constant $$75,000,000$ in perpetuity. The company's tax rate is $40$ percent, and the unlevered cost of capital is $20$ percent. What is the firm's cost of equity?Write your answer as a percent rounded to two digits, but don't include the $\%$ sign $($le$,$ enter $12\mathrm{.}63,$ not $0\mathrm{.}1263).$HINT: You need to use both M&M propositions.