Suppose a firm raises $20 million dollars by issuing debt at a cost of 5.5%, raises $13 million by issuing common stock

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Suppose a firm raises $20 million dollars by issuing debt at acost of 5.5%, raises $13 million by issuing common stock at a costof 8.5% and raises an additional $9 million by issuing preferredstock at a cost of 11.0%. What is the average cost of capital perdollar raised (this is similar to the concept of weighted averagecost of capital in your finance classes)? (please round your answerto 1 decimal place)