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. $500,000, March 31, $600,000; June 30, $400,000: October 30, $600,000. To help finance construction, the company arranged a 7% construction loan on January 1 for $700,000. 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 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 (1.e. 0.1234 should be entered as 12.34%).)