Gold Alliance Company needs to raise $44 million to start a new project and will raise the money by selling new bonds. The company will generate no Internal equity for the foreseeable future. The company has a target capital structure of 65% common stock, 5% preferred stock, and 30% debt. Flotation costs for issuing new common stock are 9%, for new preferred stock, 4%, and for new debt, 3%. What is the company's weighted average floatation costs? (Report answer in percentage terms and round to 2 decimal places. Do not round Intermediate chiculations) Topic: Floatation Costs