Olsen Outhitters thc. believes that its optimal capital structure consists of 65% common equity and 35% debt, and its tax rate is 40%. Olsen must raise additianal capital to fund its upcaming expansion. The firm with have $3 million of retained earnings with a cost of rs=10%. New common stock in an amount up to $8 mallion would have a cost of ree=11.0%. Furthermore, Olsen can raise up to $4million of debt at an interest rate of rd=10% and an additional $6 million of debt at rd=12%. The CFO estimates that a proposed expansion would require an investment of $7.1million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places