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 rs=11%. New common stock in an amount up to $9 million would have a cost of re=12.0%. 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=10%. The CFO estimates that a proposed expansion would require an investment of $5.4 million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places. %