B eBook of retained earnings with a cost of rs = 12%. New common stock in an amount up to $3 million of debt at an interest rate of Olsen Outfitters Inc. believes that its optimal capital structure consists of 65% common equity and 35% debt, and its tax rate is 25%. Olsen must raise additional capital to fund its upcoming expansion. The firm will have $4 million up to $9 million would have a cost of re = 15.0%. Furthermore, Olsen can raise rd = 9% and an additional $4 million of debt at rd 11%. The CFO estimates that a proposed expansion would require an investment of $7.2 million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places. =