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WACC. Eric has another get-rich-quick idea, but needs funding to support it. He chooses an...

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WACC. Eric has another get-rich-quick idea, but needs funding to support it. He chooses an all-debt funding scenario. He will borrow $2,929 from Wendy, who will charge him 3% on the loan. He will also borrow $2,319 from Bebe, who will charge him 5% on the loan, and $1,752 from Shelly, who will charge him 11% 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.)

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