Chapter 4, Problem 023 (GO Tutorial) Lahoma Enterprises, Inc. needs $15 million to finance a major product development. The project will be financed from the following sources Source Loans Amount $2,600,000 Comments 14%/yr with semiannual Bonds Common Stock Retained Earnings $4,100,000 $5,000,000 $3,700,000 12% bond interest rate, quarterly premiums 11.5 dividend on selling price of $65/share Lahoma Enterprises' effective tax rate is 34.00% with takes paid annually. The stock price is stable. Management determines MARR based en then-ghted average cost of capital plus 0% (Le, if the weight average cost of capital is 12%, MARR is 20%). Determine the appropriate value of MARR for evaluating the project. MARR (Round your answer to 2 decimal places. The tolerance is +/-0.01)