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Olsen Outfitters Inc. believes that its optimal capital structure consists of 60% common equity and 40% debt, and its tax rate is 25%, Olsen must raise additional capital to fund its upcoming expansion. The firm will have $1 mullion of retained earnings with a cost of rs=10%. New common stock in an amount up to $7 million would have a cost of rn=12.5%. Furthermore, Olsen can raise up to $3 million of debt at an interest rate of rd=9% and an additional $4 million of debt at rd=12%. The CFO estimates that a proposed expansion would require an investment of $3.2 mallion. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places. \% Continue without savine