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 $4 million of retained earnings with a cost of rs=10%. New common stock in an amount up to $6 million would have a cost of re=11.5%. Furthermore, Olsen can raise up to $3 million of debt at an interest rate of rd=10% and an additional $3 million of debt at rd=11%. 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. %