WACC Olsen Outfitters Inc. believes that its optimal capital structure consists of 70% common equity and 30% debt, and its tax rate is 40%. Olsen must raise additional capital to fund its upcoming expansion. The firm will have $3 million of retained earnings with a cost of - 13%. New common stock in an amount up to $8 million would have a cost of -16%. Furthermore, Olsen can raise up to $4 million of debt at an interest rate of 1-10% and an additional $4 million of debt at -11%. The CFO estimates that a proposed expansion would require an investment of 55.3 million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places