Dakota Drilling Inc. (DD) has a new project that will require the company to borrow $5,000,000. MM has made an agreement with three lenders for the needed financing. First National Bank will give $1,000,000 and wants 6% interest on the loan. Texas Bank will give $3,000,000 and wants 7% interest on the loan. Chase Bank will give $1,000,000 and wants 8% interest on the loan. What is the weighted average cost of capital for this $5,000,000?