Olsen Outfitters Inc. believes that its optimal capital structure consists of 55% common equity and 45% debt, and its tax rate is 40%. Olsen must raise additional capital to fund its upcoming expansion. The firm will have $1 million of retained earnings with a cost of rs = 13%. New common stock in an amount up to $7 million would have a cost of re = 14.5%. Furthermore, Olsen can raise up to $4 million of debt at an interest rate of ra = 11% and an additional $5 million of debt at rd = 14%. 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. %