Question: Kirkpatrick Supply Co . has a new project that will require the company to borrow $ 3 , 0 0 0 , 0 0 0

Kirkpatrick Supply Co. has a new project that will require the company to borrow $3,000,000. Kirkpatrick has made an agreement with three lenders for the needed financing. First National Bank will give $1,500,000 and wants 6% interest on the loan. Banner Bank will give $1,000,000 and wants 9% interest on the loan. Western National Bank will give $500,000 and wants 7% interest on the loan. What is the weighted average cost of capital to acquire the $3,000,000?

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