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A firm has a debt-to-equity ratio of 0. Its cost of equity is 22%, and its cost of debt is 12%.

A firm has a debt-to-equity ratio of 0.26. Its cost of equity is 22%, and its cost of debt is 12%.

If the corporate tax rate is 34%, what would it's cost of equity be if the firm was all equity financed? (Answer in percentage terms. Round answer to 2 decimal places, do not round intermediate calculations)

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