Olsen Outfitters Inc. believes that its optimal capital structure consists of 70% common equity and 30% 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 cost of rs=10%. New common stock in an amount up to $9 million would have a cost of re=11.5%. Furthermore, Olsen can raise up to $4 million of debt at an interest rate of rd=9% and an additional $6 million of debt at rd=10%. The CF estimates that a proposed expansion would require an investment of $8.0 million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places