Slater Co$.$ is a U$.$S$.-$based MNC that finances all operations with debt and equity. It borrows U$.$S$.$ funds at an interest rate of $14$ percent per year. The long$-$term risk$-$free rate in the United States is $9$ percent. The stock market return in the United States is expected to be $18$ percent annually. Slater's beta is $1\mathrm{.}3.$ Its target capital structure is $30$ percent debt and $70$ percent equity. Slater Co$.$ is subject to a $30$ percent corporate tax rate. Estimate the cost of capital to Slater Co$.$ Do not round intermediate calculations. Round your answer to two decimal places.

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