Olsen Outfitters Inc. believes that its optimal capital structure consists of 50% common equity and 50% debt, and its tax rate is 25%. Olsen must raise additional capital to fund its upcoming expansion. The firm will have $2 million of retained earnings with a cost of rs 11%. New common stock in an amount up to $10 million would have a cost of re= 13.5%. Furthermore, Olsen can raise up to $3 million of debt at an interest rate of r = 10% and an additional $6 million of debt at re= 12%. 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