The Black Bird Company plans an expansion. The expansion is to be financed by selling $56 million in new debt and $116 million in new common stock. The before-tax required rate of return on debt is 6.09% percent and the required rate of return on equity is 17.17% percent. If the company is in the 34 percent tax bracket, what is the weighted average cost of capital?
Round the answer to two decimal places in percentage form.