Oisen Outfitters Inc. believes that its optimal capital structure consists of 40% common equity and 60% debt, and its tax rate is 25%. Oisen must raise additional capital to fund its upcoming expansion. The firm will have $1 million of retained earnings with a cost of is =11%. New commen stock in an amount up to $10 milion would have a cost of re =12.5%. Furthermore, Olsen can raise up to $4 million of debt at an interest rate of rd =9% and an additional $3 million of debt at rd =12%. The CFO estimates that a proposed expansion would require an investment of $4.4 million. What is the wacc for the last doliar raised to complete the expansion? Round your answer to two decimal places