6. Chapter Problem 10.10 (WACC), Section Problem 10.10 (WACC), Problem Problem 10.10 (WACC) ebook Olsen Outfitters Inc. believes that its optimal capital structure consists of 70% common equity and 30% debt, and its tax rate is 25%. Olsen must raise additional capital to fund its upcoming expansion. The firm will have $1 million of retained earnings with a cost of r-11%. New common stock in an amount up to $10 million would have a cost of ro - 12.5%. Furthermore, Olsen can raise up to $3 million of debt at an interest rate of re-9% and an additional $6 million of debt at ro - 13%. The CFO estimates that a proposed expansion would require an investment of $8.2 million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places