Marc's Ferrari Driving Company (MFDC) is considering an expansion into an entirely new line of business. The first businesses under consideration, EZtest, builds robots which assists students taking tests and exams. The second business, reMINDer, has tools to help prevent students from forgetting assignment due dates (and to help working professionals remember their obligations). You've estimated the cash flows for the two businesses as follows: Year EZtest 0 -$23,000 1 $11,000 reMINDer -$41,000 $24,000 $50,000 $67,000 $98,000 2 $21,000 3 $31.000 4 $53,000 The economic climate looks good! US T-bills are yielding about 0,34%, and most economists expect the broader market to grow by about 12.6% over the coming year. But, to determine whether these new businesses are financially viable, we'll need to evaluate them at the MFDC cost of capital. MFDC has not yet determined what it is fortunately, you can do that for us! Assume that MFDC has $300,000 of outstanding debt at an average cost of 6.7%, a debt to equity ratio of 73.5%, a tax rate of 21%, and the MFDC beta is 14. Use this information presented here to to answer this question, and the following three questions. What is the weighted average cost of capital for MEDC? (answer using a percentage rounded to two decimal places, for example, if your answer is 5,678% you should enter 5.68)