Question: . Eric has another get-rich-quick idea, but needs funding to support it. He chooses an all-debt funding scenario. He will borrow $3,465 from Wendy, who

Eric has another get-rich-quick idea, but needs funding to support it. He chooses an all-debt funding scenario. He will borrow $3,465 from Wendy, who will charge him 6% on the loan. He will also borrow $3 comma $3,054 from Bebe, who will charge him 88% on the loan, and $1 comma $1,481 from Shelly, who will charge him 14% on the loan.

What is the weighted average cost of capital for Eric?

__ (Round to two decimal places.)

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