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00000 Verizon '5' 10:23 PM mathxl.com C H Test' Final Exam Time Remaining: 03:16:16 Submit Test This Question: 25 pts 1 2 of 12 {0 complete) v E] This Test: 290 pts possible {3' Hartford Mining has 90 million shares that are currently trading for $6 per share and $50 million worth of debt. The debt is risk free and has an interest rate of 4%, and the expected return of Hartford stock is 12%. Suppose a mining strike causes the price of Hartford stock to fall 25% to $4.50 per share. The value of Me risk-free debt is unchanged. Assuming there are no taxes and the risk (unlevered beta) of Hartford's assets is unchanged, what happens to Hartford's equity cost of capital? Equity cost at capital is D%. (Round to two decimal places.) Enter your answer in the answer box. (7)