Attempts Average / 1 9. Problem 10.10 (WACC and Percentage of Debt Financing) eBook Olsen Outfitters Inc believes that its optimal capital structure consists of cow common equity and 40% debt, and its tax rate is on. Olen must raise additional capital to fund its upcoming expansion. The firm will have $2 million of retained earnings with a cost of . 134. New common stock in an amount up to $7 million would have a cost of re- 14.5%. Furthermore, Olsen can raise up to $4 million of debt at an interest rate of to 10% and an additional $6 million of debt atre -11%. The CFO estimates that a proposed expansion would require an investment of 59.3 million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places