The cost of equity of an unlevered firm (Note: cost of equity of unlevered firm = return on assets = cost of capital of the firm's assets = RA) is 14.43%. Assume no taxes. ABC Company has a cost of equity of 21.8% and a D/E Ratio of 2.68. What is the before-tax cost of debt?
Enter your answer as a percentage rounded off to two decimal points.