11.2

WACC.

Grey's Pharmaceuticals has a new project that will require funding of $13.9 million. The company has decided to pursue an all-debt scenario. Grey's has made agreements with four lenders for the needed financing. These lenders will advance the following amounts at the interest rates shown:

Lender	Amount		Interest Rate
Steven	$4,936,263		13%
Yang	$4,037,363		12%
Shepherd	$3,230,851		9%
Bailey	$1,695,523		10%

What is the weighted average cost of capital for the $13,900,000?

____% (Round to two decimal places)