Suppose your company needs $18 million to build a new assembly line. Your target debtequity ratio is .7. The flotation cost for new equity is 7 percent, but the flotation cost for debt is only 4 percent. Your boss has decided to fund the project by borrowing money because the flotation costs are lower and the needed funds are relatively small.

a.What is your company's weighted average flotation cost, assuming all equity is raised externally?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

the answer I got is 6.126 or 0.06125 but it keep telling me I am wrong