Grey's Pharmaceuticals has a new project that will require funding of $4 million. The company has decided to pursue an all-debt scenario. Grey's has made an agreement with four lenders for the needed financing. These lenders will advance the following amounts and interest rates: Stevens $1500000 11% yang $1200000 9% Stepherd $1000000 7% Bailey $300000 8%. Calculate the weighted average cost of capital for the $4,000,000.