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Olsen Outfitters Inc. believes that its optimal capital structure consists of $60\%$ common equity and $40\%$ debt, and its tax rate is $25\%.$ Olsen must raise additional

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capital to fund its upcoming expansion. The firm will have $$2$ million of retained earnings with a cost of $r_s=13\%.$ New common stock in an amount up to $$8$ million would have a cost of $r_e=15\mathrm{.}0\%.$ Furthermore, Olsen can rase up to $$3$ million of debt at an interest $r_{\text{r}\text{a}\text{t}\text{e}}{r}_d=10\%$ and an additional $$6$ million of debt at $r_d=11\%.$ The CFO estimates that a proposed expansion would require an investment of $$5\mathrm{.}6$ million. What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places.

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