Olsen outfitters Inc, believes that its optimal capital structure consists of 70% common equity and 30% debt, and its tax rate is 25%. Oisen must raise additional capital to fund its upcoming expansion. The firm will have $1 million of retained earnings with a cost of r=10%. New common stock in an amount up to $10 million would have a cost of Tee=11.0%. Furthermore, Olsen can raise up to $4 million of debt at an interest rate of rd =11% and an additional $3 million of debt at r0=14%. The CFO estimates that a proposed expansion would require an investment of $8.8 million. What is the WacC for the last dollar rised to complete the expansion? Round your answer to two decimal places