Olsen Outfitters Inc. believes that its optimal capital structure consists of 60% common equity and 40% debt, and its tax rate is 25%. Olsen must raise additional capital to fund its upcoming expansion. The firm will have $1 million of retained earnings with a cost of r_s = 12%. New common stock in an amount up to $10 million would have a cost of r_e = 14.0%. Furthermore, Olsen can raise up to $2 million of debt at an interest rate of r_d = 9% and an additional $6 million of debt at r_d = 10%. The CFO estimates that a proposed expansion would require an investment of $4.0 million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places.