Olympic Sports has two issues of debt outstanding. One is a 12% coupon bond with a face value of $99 million, a maturity of 12 years, and a yield to maturity of 12%. The coupons are paid annually. The other bond issue will mature in the next year, with coupons also paid annually, and a coupon rate of 9%. The face value of the issue is $83 million, and the issue sells for 91% of par value. What is the before-tax cost of debt for Olympic? (Hint: Company cost of debt is the weighted average of the cost of debt for all its debt outstanding)