Olien Outfitters inci believes thet its optimal capital structure consists of 65% comenon equity and 35% debt, and its tax rate is 25%. Olsen must raise additional capital to fund its upcoming expsnsion. The firm will have $2 million of retained earnings wath a cost of r4=1145. New common stock in an amount up to $9 million would have a cost of r4=14.95. Furthermore, Olsen can rase up to 33 milion of debt at an interest rate of re =11% and an additional $5 million of debt at rd=15%. The CFO estimates that a proposed expansion would require an investment of $7.0 million. What is the wacc for the last dollar raised to complete the expansion? Round your answer to two decimal places