Eric has another get-rich-quick idea, but needs funding to support it. He chooses an all-debt funding scenario. He will borrow $1 comma 713 from Wendy, who will charge him 4% on the loan. He will also borrow $1 comma 429 from Bebe, who will charge him 6% on the loan, and $858 from Shelly, who will charge him 12% on the loan. What is the weighted average cost of capital for Eric? What is the weighted average cost of capital for Eric?

= %

(Round to two decimal places.)