WACC. Grey's Pharmaceuticals has a new project that will require funding of $7.8 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	$2,944,969		13%
Yang	$2,227,633		11%
Shepherd	$1,917,211		8%
Bailey	$710,187		9%

What is the weighted average cost of capital for the $7,800,000?

What is the weighted average cost of capital for the $7,800,000?

_______% (Round to two decimal places.)