Eric has another get-rich-quick idea, but needs funding to support it. He chooses an all-debt funding scenario. He will borrow $5,344 from Wendy, who will charge him 5% on the loan. He will also borrow $3,822 from Bebe, who will charge him 7% on the loan, and $2,834 from Shelly, who will charge him 13% on the loan.

What is the weighted average cost of capital for Eric?