A company constructs a building for its own use Construction began on January 1 and ended on December 30. The expenditures for construction were as follows. January 1, $570,000; March 31, $670,000, June 30, $470,000, October 30, $810,000. To help finance construction, the company arranged a 10% construction loan on January 1 for $840,000. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 14% and 10%, respectively. Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answers to 2 decimal places (ie. 0.1234 should be entered as 12.3%).)