Suppose PayPal $($PYPL$)$ has no debt and an equity cost of capital of $9\%.$ The average debt$-$to$-$value ratio for the credit services industry is $14\mathrm{.}7\%.$ What would its cost of equity be if it took on the average amount

of debt for its industry at a cost of debt of $5\mathrm{.}7\%?$

The cost of equity is

$\%.($Round to two decimal places.$)$