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, $620,000, March 31, $720,000, June 30, $520,000: October 30, $960,000. The company arranged a 7% loan on January 1 for $940,000. Assume the $940,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $3 million loan and a $5 million note with interest rates of 8% and 6%, respectively. Assuming the company uses the weighted-average method, calculate the amount of Interest capitalized for the year. (Do not round Intermediate calculations. Round your percentage answer to 2 decimal places (l.e. 0.1234 should be entered as 12.34%).) Expenditure Weight Average XX Date January 1, 2021 March 31. 2021 June 30, 2021 October 30, 2021 Accumulated expenditures Amount Interest Rate Capitalized Interest Average accumulated expenditures