A company needs to raise $110,000 for a new project and will obtain externally generated funds by selling securities. The company has a target capital structure of 60 percent common stock, 15 percent preferred stock, and 25 percent debt. Flotation costs for issuing new common stock are 9 percent. Flotation costs for issuing new preferred stock are 6 percent. Flotation costs for issuing new debt are 4 percent. What is the company's weighted average flotation cost? Enter your answer as a decimal number (not as a percentage number) with 4 digits to the right of the decimal point in the box shown below. Your Answer: