WACC.

Grey's Pharmaceuticals has a new project that will require funding of $6.2 million. The company has decided to pursue an all-debt scenario. Grey's has made agreements with four lenders for the needed financing. These lenders will advance the following amounts at the interest rates shown:

Lender	Amount		Interest Rate
Steven	$2,339,734		16%
Yang	$1,767,830		14%
Shepherd	$1,601,237		11%
Bailey	$491,199		912%

What is the weighted average cost of capital for the

$6,200,000? (Round to two decimal places)