WACC.

Grey's Pharmaceuticals has a new project that will require funding of

$5.3 million

million. The company has decided to pursue an all-debt scenario. Grey's has made agreements with four lenders for the needed financing. These lenders will advance the following amounts at the interest rates shown:

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Lender	Amount		Interest Rate
Steven	$1,909,998		13%
Yang	$1,526,630		11%
Shepherd	$1,285,106		8%
Bailey	$578,266		9%

What is the weighted average cost of capital for the

$5,300,000? (Round to two decimal places)