Olsen Outfitters Inc. believes that its optimal capital structure consists of $30\%$ common equity and $70\%$ 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 $$8$ million would have a cost of $r_e=15\mathrm{.}0\%.$ Furthermore, Olsen can raise up to $$4$ million of debt at an

interest rate of $r_d=9\%$ and an additional $$3$ million of debt at $r_d=10\%.$ The CFO estimates that a proposed expansion would require an

investment of $$4\mathrm{.}4$ million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal

places.

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