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, $650,000; March 31, $750,000; June 30, $550,000; October 30, $1,050,000. The company arranged a 10% loan on January 1 for $1,000,000. Assume the $1,000,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 13% and 11%, 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 (1.e. 0.1234 should be entered as 12.34%).) Answer is not complete. Date Expenditure Weight Average January 1, 2021 650,000 W 12/12- $ 650,000 March 31, 2021 750,000 ( M 9/12 562,500 June 30, 2021 550,000 * 6/12 " 275,000 October 30, 2021 1,050,000 2/12 175,000 Accumulated expenditures $ 3,000,000 $ 1,662,500 Average accumulated expenditures All loans Amount Interest Rate $ 1,662,500 % Capitalized Interest 0 % 0 $ 0