Grey's pharmaceuticals has a new project that will require funding of $4 million. The company has decided to persue an all debt scenario. Grey's has made an agreement with four lenders for the needed financing. This lenders will advance the following ammounts and interest rates:

Stevens: 1,500,000 at 11%

Yang: 1,200,000 at 9%

Shepherd: 1,000,000 at 7%

Bailey: 300,000 at 8%

What is the weighted average cost of capital for the $4 million?

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